Learn more about what comes next. Hailo, a startup developing AI accelerator chips for edge devices, today announced that it raised $136 million in a series C funding round led by Poalim Equity and entrepreneur Gil Agmon, with participation from ABB Technology Ventures, Latitude Ventures, OurCrowd, Carasso Motors, Comasco, Shlomo Group, Talcar Corporation, and Automotive Equipment. The capital brings Hailo's total raised to $224 million, and CEO Orr Danon says the company will put the funds toward mass manufacturing of its current chips and the development of next-generation hardware in new and existing markets. AI edge chips are coming into vogue as enterprises begin to realize the benefits of localized computing. Deloitte estimates that in 2020, over 750 million edge AI chips -- chips or parts of chips that perform or accelerate machine learning tasks on-device -- were sold globally.

Construction sites are a massive jigsaw of people and parts that must be pieced together at the right time. With larger projects, delays become more expensive. McKinsey projects that on-site mismanagement costs the construction industry $1.6 trillion a year. But you might usually only have five managers overseeing construction of a building with 1,500 rooms, foresees Founder and CEO of British- Israeli startup Buildots Roy Danon. "There's no way an individual can control that much of detail." Mr. Danon thinks that artificial intelligence (AI) can help developing an image recognition system, which monitors every detail of an ongoing construction project.

Data-driven construction reporting company Buildots this week announced it has raised $16 million, a combination of a $3 million seed round and a $13 million series A. Cofounder Roy Danon says the funds will be used to scale and improve the company's products as Buildots expands to new regions around the world. Large construction projects -- which some countries have allowed to continue during the pandemic -- still rely on project managers to keep tedious manual records. These managers are often responsible for keeping tabs on countless tasks, in addition to tracking the progress of dozens (or more) contractors. Some analysts say the intractable logistical challenges lead 98% of large projects to suffer cost overruns of more than 30%. Making matters worse, 77% are estimated to be at least 40% late.

HANOVER, GERMANY - APRIL 25: Close up of the digital display while a camera and radar system assists as artificial intelligence takes over driving the car during tests of autonomous car abilities conducted by Continental AG on the A2 highway on April 25, 2018, near Hanover, Germany. Israeli artificial intelligence (AI) startup, Hailo Technologies, has closed a $12.5 million series A from Maniv Mobility, OurCrowd, and NextGear to develop a chip for deep learning on edge devices and processing of high-resolution sensory data in real time. According to a report from Markets and Markets, edge computing will be worth $6.72 billion by 2020, and IC Insights reported that integrated circuits in cars are expected to generate global sales of $42.9 billion in 2021. In 2017, McKinsey reported in the study, Self Driving Car Technology: when will robots hit the road?, that ADAS systems grew to 140 million in 2016 from 90 million units in 2014. "Because of the low latency required for autonomous driving and advanced driving assistance, deep learning with convolutional neural networks, running on in-vehicle hardware, is necessary," offers Tom Coughlin, IEEE Fellow and President at Coughlin Associates.