Movidius raises $40m in VC funding
14 April 2015 | 0
Vision processor company Movidius has secured $40 million in VC funding – one of the largest ever VC investments in Ireland for a tech company and the largest for a fabless semiconductor company in the past two years globally.
The investment was led by Summit Bridge Capital, the China-Ireland Growth Technology Fund co-managed by Atlantic Bridge Capital and WestSummit Capital, and includes new contributions from ARCH Venture Partners and Sunny Optical Technology Group, as well as early investors including Atlantic Bridge Capital, DFJ Esprit, Robert Bosch Venture Capital, AIB Seed Capital Fund and Capital-E. As part of this new round, David Lam of WestSummit Capital will be joining Movidius’ board of directors.
The financing will be used to drive software and hardware product innovation in visual sensing for virtual reality headsets, drones, home automation and wearables. Its technology will transform how devices and users interact with the world around them through intelligent, vision-based technology and is expected to lead to the creation of 100 jobs.
In the last two years Movidius has established offices in Silicon Valley; continued to scale its R&D team; appointed new members to its technical advisory board; collaborated with new customers and partners, such as Google for its Project Tango device; and launched the next generation of its vision processor for mobile and connected devices.
“Movidius has pioneered an entirely new class of cost-effective, low power and high performance processors, software and development tools, and this platform enables our customers to implement visual sensing that aims to mirror human vision capabilities,” said Remi El-Ouazzane, CEO of Movidius.“This significant investment of capital provides us with the resources to expand strategically, innovate constantly and extend our market leadership.”