Funding round completed
Mobile video processor specialist Movidia, raised $14 million in a first funding round led by Celtic House Venture Partners and Capital-E, with Emertec Gestion, AIB Seed Capital Fund and Enterprise Ireland. The money will help the fabless semiconductor and software company to bring its mobile video processor technology to market, with the first product due to be launched in early 2009.
Movidia says its low power video processor will enable User Generated Content (UGC) video production functions for mobile phones and other consumer electronics products. The technology allows cell phone manufacturers to differentiated products and services in mobile social networking. Users will be able to do complex in-clip editing to add post-production effects such as slow motion and super resolution zoom to their own video content in real time and on the move without the need for a PC.
Movidia was founded by a management team from the semiconductor industry including CEO Sean Mitchell, CTO David Moloney and COO Paul Costigan. The company’s R&D and sales teams are located in Dublin, Hong Kong and Romania.
Mitchell said, “The confidence shown by our investors in supporting Movidia highlights the value of our unique technology and, in light of current uncertainties in financial markets, provides strong validation of our fabless business model, market strategy and product plans.”
Roger Maggs and Brian Antonen of Celtic House, Rudi Severijns of Capital-E and Jean-Philippe Gendre of Emertec Gestion are all joining Movidia’s board.
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