This story was originally reported by NoCamels.com.
Habana Labs, an Israeli startup that develops AI processors, announced on Thursday that it has secured $75 million in a Series B funding led by Intel Capital, with participation from WRV Capital, Bessemer Venture Partners, Battery Ventures and existing investors.
Since it was founded in 2016, Habana Labs has raised a total of $120 million.
The new funding will go toward continued growth, including next-generation processors, sales, and customer support, said Habana Labs CEO David Dahan.
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“We are excited to invest in a dynamic team with a proven track record in the industry,” said Wendell Brooks, Senior Vice President of Intel Corporation and President of Intel Capital. “Habana Labs’ innovation and execution on their vision will help drive the next evolution of Artificial Intelligence.”
“AI brings a once-in-a-lifetime opportunity to create a significant wave of new semiconductor companies, and venture firms are heavily investing in AI-focused chip startups”, said Lip-Bu Tan, Founding Partner of WRV Capital, a leading international venture firm focusing on semiconductors and related hardware, systems, and software. “Among all AI semiconductor startups, Habana Labs is the first, and still the only one, which introduced a production-ready AI processor. We are delighted to partner with Intel in backing Habana Labs’ products and its extraordinary team.”