SAN FRANCISCO — Computational image processor chip and software firm Movidius Ltd. announced on Wednesday, July 10, the receipt of $16 million in series D funding from a group of venture capital firms, and announced the appointment of a veteran Texas Instruments executive as the company's new CEO.
Movidius, which also announced the move of its headquarters from Dublin, Ireland to San Mateo, Calif., said the $16 million would accelerate its next-generation products and build its presence and R&D team in Silicon Valley. The funding round was led by Atlantic Bridge, DFJ Esprit, and Robert Bosch Venture Capital, with participation from existing investors Capital E, AIB Seed Capital Fund, and private investors, Movidius said.
Movidius also announced that Remi El-Ouazzane is the company's new CEO. El-Ouazzane recently joined Movidius from TI, where he served as vice president and worldwide general manager of the company's OMAP business unit. According to Movidius, El-Ouazzane pioneered the first OMAP application processor for the Android platform and spearheaded the development of the OMAP 4 platform. TI announced last year it would re-target the OMAP processor away from the smartphone and tablet market toward the embedded market. (See: TI steering OMAP to embedded.)
In addition, Movidius appointed Dan Dobberpuhl chairman of its board of directors. The company announced that Brian Long of Atlantic Bridge, Brian Caulfield of DFJ Esprit, and Hongquan Jiang of Robert Bosch Venture Capital will also serve on its board.
Dobberpuhl founded P.A. Semi, which Apple acquired for $278 million in 2008. The designers from P.A. Semiconductor are widely credited with designing Apple's A4 and A5 processors, found in many of the company's mobile products.
In 1998, Dobberpuhl co-founded SiByte, where he led the design of the SB1250 high performance MIPS processor. Broadcom Corp. bought SiByte in 2000 in a stock deal worth more than $2 billion. Prior to SiByte, Dobberpuhl was the lead designer for three generations of Digital Equipment Corp.'s Alpha processor.
Last year, Movidius announced a deal with electronics manufacturer Keen High Technologies Ltd. that is expected to generate more than $25 million of equipment sales over the next three years. (See: Movidius signs $25 million Chinese partnership deal.)