Israeli startup Element Labs, founded by serial chip entrepreneur Avigdor Willenz, has raised $50 million in a funding round led by Fidelity. The company is developing AI processors for inference, the stage in which AI models are activated after training. Element Labs, with offices in Tel Aviv, has over 100 employees and is at an advanced stage, with the funding intended to complete the first series of chips and begin production tests at TSMC factories. Willenz has previously sold companies for billions of dollars, including Habana Labs to Intel for $2 billion.