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Israeli artificial-intelligence chipmaker Hailo announced on Tuesday that it raised $136 million in private funding led by Poalim Equity and Gil Agmon.

A source said the financing was done based on a valuation of $1 billion, reported Reuters.

The company said its investors already include Israeli businessman and Hailo chairman Zohar Zisapel, Swiss-based ABB Technology Ventures, London’s Latitude Ventures, Israel’s OurCrowd, in addition to others.

According to the report, former senior vice president at Intel Corp, Mooly Eden, will join its board of directors.

Hailo said the money would be used to develop new products and expand its markets.

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