San Mateo, California, April 15, 2015: It is a startup that is in the business of visual sensing in connected devices. Now, Movidius has raised US $40 million in new funding to further its vision.
The investment was led by Summit Bridge Capital, a collaboration between Atlantic Bridge Capital and WestSummit Capital. According to Movidius, the funding includes new contributions from ARCH Venture Partners and Sunny Optical Technology Group, as well as early investors including Atlantic Bridge Capital, AIB Seed Capital Fund, Capital-E, DFJ Esprit and Robert Bosch Venture Capital. As part of this new round, David Lam of WestSummit Capital will be joining Movidius’ board of directors.
The latest round of funding in this fabless semi-conductor company will enable Movidius to seize the market opportunity, working with its partners to fuel innovation and business growth in visually intelligent devices.
“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,” explained Remi El-Ouazzane, Chief Executive Officer of Movidius. “This infusion of capital provides us with the resources to expand strategically, innovate constantly and extend our market leadership.”
Movidius has, in the last two years, 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, such as Google for its Project Tango device, and launched the next generation of its vision processor for mobile and connected devices.
Movidius is a vision processor company serving the growing need for visual sensing in connected devices. Its innovative vision processing unit comes with a robust software development kit environment, to deliver intelligent and contextually aware experiences for users in mobile, wearable and other connected applications and devices.
In February this year, Movidius announced it’s Myriad 1 vision processor platform would power Project Tango, an Android-based smartphone product/development kit within Google’s Advanced Technology and Projects (ATAP) group.
Myriad 1 is the first generation of the Movidius Vision Processor Platform, a new ultralow power, high-performance and programmable architecture of computational chips, software and development tools that enables a range of devices to intelligently understand and contextualise their surroundings. From smartphone, Tablets, wearable devices and even robotics – Movidius claims it can deliver up to 10 times more flexibility, processing speed and power efficiencies compared to traditional processors.
Image Credit: Movidius
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