According to Globes' report on Monday, NeuReality founder and CEO Moshe Tanach and most of the management and R&D staff will join Unconventional. Some sales, marketing and finance employees will be laid off. About 40 employees in Caesarea and Tel Aviv will work alongside a similar number of staff in California.
NeuReality was founded in 2019 by Tanach, Zvika Shmueli and Yossi Kasus, veterans of Intel, Marvell, Mellanox and Habana Labs. The company raised $105 million in total. A $37 million round in July 2023 valued it at $220 million, according to PitchBook. Its largest shareholder is Varana Capital, and other investors include XT, Cardumen Capital, OurCrowd, Samsung Ventures and ARM.
Unconventional AI, led by Naveen Rao, raised $475 million at a $4.5 billion valuation within two months of its founding. It is developing an AI chip that it claims is 1,000 times more energy efficient than Nvidia's, based on analog circuits that have not yet been deployed commercially. It was not disclosed what will happen to NeuReality's existing products.