LONDON – Fabless mobile multimedia chip company Movidius Ltd. has raised $9 million in a Series C round of venture capital funding. The funds have come from all the 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 more than $30 million since the company was founded in 2005.
Movidius (Dublin, Ireland) said it would use the money to develop "revenue growth" as it continues deployments of its Myriad platform to customers in the mobile phone and consumer electronics markets.
When Movidius started out it pitched itself as a company that would allow editing of user-generated content on smart phones. The Myriad 3-D platform combines a multicore multimedia processor with application software that the company sees being used for autostereoscopic 3-D multimedia capabilities including real-time 2-D to 3-D conversion of video, high-definition 3-D video capture and HD 3-D 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."
Movidius said it will demonstrate Myriad technology at the Consumer Electronics Show in Las Vegas in January and at Mobile World Congress in Barcelona in February.
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