Israel’s Hailo, which is developing a chip for deep learning, said on Tuesday it has raised $12.5 million, bringing its total raised to date to $16 million.
The company’s investors include OurCrowd, Maniv Mobility and Next Gear. It will use the funding to further develop its deep learning processor.
Hailo said its processor, initial samples of which are expected to enter the market in 2019, will be able to run artificial intelligence applications on devices installed in autonomous vehicles, drones and smart home appliances.
The automotive industry, which is one of Hailo’s key target markets, is adopting deep learning methods to enable advanced driver assistance systems and autonomous driving applications that require continuous sensing of surroundings.
According to IC Insights, integrated circuits used in vehicles are expected to generate global sales of $42.9 billion in 2021, up from $22.9 billion in 2016.