A major funding round by Irish-founded company Movidius, raising a total of nearly €38m, means 100 new jobs in Dublin as the growth of the Internet of Things (IoT) continues.
Technology company Movidius, which makes incredibly innovative chips for cameras and mobile devices, will use the money to drive innovation in both hardware and software.
The rise of IoT products is held back by two clear constraints at the moment – battery life and sensors.
It’s the latter of these two that Movidius will no doubt deal with, considering it has already created a microchip that can read and map the interior of an entire room once it’s placed inside it.
It’s technology like this that has caught the eye of the likes of Google for its Project Tango, where the tech giant’s 3D smartphone project found what looked the ideal vision-processing partner.
The growth of the Internet of Things, with billions of connected devices to be installed globally in the next several years, is accelerating the market for Movidius’ technology. This financing will enable Movidius to continue to work with its partners to fuel innovation and business growth in visually intelligent devices.
Movidius founders Sean Mitchell & David Moloney
“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.”
In the last two years, Movidius has established offices in Silicon Valley, continued to scale its R&D team, appointed new members to its technical advisory board, collaborated with new customers and partners, and launched the next generation of its vision processor for mobile and connected devices.
IoT image, via Shutterstock