Mobile processor player Movidius raises US$9m in Series C funding

30 Nov 2011

Sean Mitchell, CEO, Movidius

Dublin mobile multimedia processor company Movidius has secured Series C funding of US$9m from 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 by Movidius to more than US$30m.

Movidius’ Myriad 3D platform – which will be demonstrated at the upcoming Consumer Electronics Show in Las Vegas and the Mobile World Congress in Barcelona – combines Movidius’ 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.

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.

A ringing endorsement

“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,” Sean Mitchell, CEO of Movidius, explained.

“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.”

John Kennedy is a journalist who served as editor of Silicon Republic for 17 years