Movidius secures Series C funding to further develop 3D multimedia features for smartphones and mobile devices
Movidius, the mobile multimedia processor company, today announced it has secured Series C funding of US$9 million. The funding round has been concluded with all existing shareholders including Celtic House Venture Partners, Capital E, Emertec Gestion and AIB Seed Capital Fund. Combined with previous investment rounds this brings the total investment raised to over US$30M.
This funding round will be used to develop Movidius’ revenue growth as the company continues deployments of its Myriad platform to customers in the mobile phone and consumer electronics markets.
Movidius’ Myriad 3D platform combines Movidius’ industry leading low-power multi-core processor and application software technology to enable the integration of, for example, advanced autostereoscopic 3D multimedia capabilities including real-time ‘on the fly’ 2D to 3D conversion of 2D video, HD 3D video capture and HD 3D display.
Sean Mitchell, CEO Movidius commented, “Our funding announcement comes as we end a year of tremendous growth which saw Movidius continue to engage with the top players in the mobile handset space. This latest investment is a ringing endorsement from our shareholders and demonstrates their continued confidence in our market leading 3D multimedia capabilities. Movidius is on track to meet its ambitious targets for growth, financial performance and customer engagement.”
Roger Maggs of Celtic House Venture Partners also said “We are very excited about the Myriad technology and believe 2012 will be an exciting year for Movidius.”