Movidius, a Dublin, UK-based mobile video specialist, has secured US$7.5m in Series B financing round.
Investors include existing shareholders Celtic House Venture Partners, Capital E, Emertec Gestion, AIB Seed Capital Fund and angel investors.
The new funds will be used to fund Movidius’ growth plans as the company begins deployment of its Myriad platform providing advanced imaging capabilities including 3D video capture in the next generation of mobile handsets.
Movidius’ low-power processor and application software technology enables advanced multimedia features on mobile devices including real-time editing of video content, 3D mobile video, as well as high-quality video enhancements for improving video download bandwidth utilization.
The company is in this period moving from development to product deployment. Mass production is expected to begin later in 2010, with mobile handsets containing those products due to go to market early in 2011.
Commenting on the funding, Sean Mitchell, CEO Movidius, was quoted as saying: “This investment will enable us to drive our first products into high volume production and to capitalize on the exploding mobile industry demand for the unique new user experiences we are enabling with the Myriad platform such as 3D mobile video”.
The company also operates offices in Hong Kong and a software development centre in Romania.
FinSMEs
19/05/2010
YouTube: Movidius’ CEO Sean Mitchell talks about the context of the funding: