Movidius raises US$40m and will create 100 jobs in Ireland
Irish vision processor company Movidius has raised US$40m in funding, which will lead to the creation of up to 100 jobs in Ireland.
This represents is one of the largest venture capital investments ever in Ireland for a technology company and the largest globally for a fabless semiconductor company in the past two years.
Movidius currently employs 15 people in Dublin out of a total of 70, the rest working in its operations in Romania and Silicon Valley.
It will use the financing to further drive software and hardware product innovation in visual sensing for the next wave of emerging applications, including virtual reality headsets, drones, home automation and wearables.
According to the company, its technology will transform how devices and users interact with the world around them through “intelligent, vision-based technology”.
“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.”
The investment was led by Summit Bridge Capital, the China-Ireland Growth Technology Fund co-managed by Atlantic Bridge Capital and WestSummit Capital.
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