Movidius, Vision-Processor Startup, Gets $40 Million in FundingEric Newcomer
Movidius Ltd., an image-processing startup that was founded in Ireland and now works closely with Google Inc., raised $40 million in funding.
The financing round values the company at more than $100 million, according to a person with knowledge of the deal, who asked not to be named because the details aren’t being disclosed. Summit Bridge Capital led the round, along with ARCH Venture Partners and Sunny Optical Technology Group.
Movidius has raised a total of more than $85 million from investors such as Atlantic Bridge Capital and DFJ Esprit. The San Mateo, California-based startup, which also has offices in Dublin and Timisoara, Romania, has developed vision-processing chips, software and other technology that can work with drones, augmented-reality headsets and a variety of connected devices.
“There’s hardly a major company that I can think of in the industry that’s working on computer vision that’s not working with this company,” said investor Brian Long, a partner at Atlantic Bridge Capital. He declined to name particular partners besides Google. At Google, Movidius is playing a role in the company’s computer-vision project, called Project Tango.
Movidius plans to focus on developing new software to make it easy for companies to take advantage of its vision processor.
“We’re bringing human sight to connected devices,” said Movidius Chief Executive Officer Remi El-Ouazzane.
A spokeswoman for Movidius declined to comment on the valuation.