Hailo, the Israeli AI processor company, has raised $60 million in a Series B funding round.

As well as existing investors, backers were ABB Technology Ventures (ATV), NEC and Latitude Ventures.

Hailo will use the money to bolster the ongoing global rollout of its Hailo-8 Deep Learning chip and to reach new markets and industries.

It comes on the heels of the launch of Hailo-8, the company’s Deep Learning processor for edge devices.

Hailo says its chip has ‘a re-imagined chip architecture that relies on the core properties of neural networks’ which it calls the ‘Structure-Defined Dataflow Architecture’. It is said to deliver up to 26TOPS.

It  is claimed that the chip can  perform sophisticated Deep Learning applications that could previously run only on the cloud.