Abstract-High-performance computing systems are moving towards 2.5D and 3D memory hierarchies, based on High Bandwidth Memory (HBM) and Hybrid Memory Cube (HMC) to mitigate the main memory bottlenecks. This trend is also creating new opportunities to revisit near-memory computation. In this paper, we propose a flexible processor-in-memory (PIM) solution for scalable and energy-efficient execution of deep convolutional networks (ConvNets), one of the fastest-growing workloads for servers and high-end embedded systems. Our codesign approach consists of a network of Smart Memory Cubes (modular extensions to the standard HMC) each augmented with a many-core PIM platform called NeuroCluster. NeuroClusters have a modular design based on NeuroStream coprocessors (for Convolution-intensive computations) and general-purpose RISC-V cores. In addition, a DRAM-friendly tiling mechanism and a scalable computation paradigm are presented to efficiently harness this computational capability with a very low programming effort. NeuroCluster occupies only 8% of the total logic-base (LoB) die area in a standard HMC and achieves an average performance of 240 GFLOPS for complete execution of full-featured state-of-the-art (SoA) ConvNets within a power budget of 2.5 W. Overall 11 W is consumed in a single SMC device, with 22.5 GFLOPS/W energy-efficiency which is 3.5X better than the best GPU implementations in similar technologies. The minor increase in system-level power and the negligible area increase make our PIM system a cost-effective and energy efficient solution, easily scalable to 955 GFLOPS with a small network of just four SMCs.