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Hailo, an Israel-based chipmaker, has raised $120m in funding, bringing its total investment to over $340m since its inception in 2017. The latest funding round values the company at $1.2bn.

Investors include existing and new backers such as the Zisapel family, Comasco, and OurCrowd, reflecting a growing interest in AI startups following the emergence of technologies like ChatGPT.

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Hailo specialises in AI accelerators and software suites, catering to over 300 global customers including Schneider Electric, Dell Technologies, and ABB.

The company launched the Hailo-10 high-performance generative AI (GenAI) accelerator, designed to run GenAI applications locally without relying on cloud-based services. It aims to enhance processing capabilities for personal computers and automotive infotainment systems.

In a statement, the company said that Hailo-10 improves in its performance-to-power consumption ratio, enabling users to access GenAI applications directly on their devices without straining the CPU or draining the battery.

The accelerator can handle large language models at under five watts of power, achieving up to 10 tokens per second.

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Hailo plans to begin shipping samples of the Hailo-10 GenAI accelerator in the second quarter of 2024.

GlobalData predicts that the global conversational AI platforms market will be worth $37.8bn in 2030, up from $7.1bn in 2022 at a CAGR of 23.3%.   

This market growth will have a direct impact on semiconductor manufacturers who will continue to meet growing demand. In a 2023 GlobalData survey, around 54% of respondents answered that their businesses are already being disrupted by AI.