Israeli chip startup Hailo has raised $120 million in its latest funding round.

The funding was an extension of the company’s Series C round and was led by current and new investors, including Israeli businessman Alfred Akirov, OurCrowd, Talcar, Comasco, and Poalim Equity. It brings the total raised by the company to over $340m.

Founded by Orr Danon and Avi Baum in 2017, Hailo designs chips to run AI workloads on Edge devices. The company says it has over 300 global customers across sectors that include personal compute, automotive, security, and retail.

Alongside the funding announcement, the company also launched its latest product, the Hailo-10 GenAI accelerator, which it said allows customers to run generative AI applications locally without using cloud-based generative AI services.

Hailo said it will begin shipping samples of the Hailo-10 GenAI accelerator in the second quarter of 2024.

“The closing of our new funding round enables us to leverage all the exciting opportunities in our pipeline, while setting the stage for our long-term future growth,” said CEO Danon.

“Together with the introduction of our Hailo-10 GenAI accelerator, it strategically positions us to bring classic and generative AI to edge devices in ways that will significantly expand the reach and impact of this remarkable new technology.”