Funding
Mobile video specialist Movidius has raised $7.5 million in a second funding round with existing shareholders, including Celtic House Venture Partners, Capital E, Emertec Gestion, AIB Seed Capital Fund and angel investors.
The money will fund the deployment of Dublin-based Movidius’ Myriad technology, which will provide advanced imaging capabilities, including 3D video, on mobile devices.
The technology enables a range of multimedia features on mobile devices including real-time editing of video content, 3D mobile video, and the ability to optimise the use of bandwidth in video downloads.
Sean Mitchell, CEO Movidius said, “This funding is a powerful validation of Movidius' technology and market traction. It highlights the continued support and confidence from our shareholders. This investment will enable us to drive our first products into high volume production and to capitalise on the exploding mobile industry demand.”
Roger Maggs, Partner, Celtic House Venture Partners said, “In Movidius we immediately recognised a team that had developed disruptive technology and that [...] address[es] both operator and OEM need for greater differentiation of their products and services.”
Movidius is now demonstrating its technologies to companies in the mobile market, and moving from development to product deployment. Mass production of the company’s products is expected to begin later in 2010, with mobile handsets containing its products due to hit the market early in 2011.
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