Movidia secures funding to enable budding 'Spielbergs on the move'Friday, October 17th, 2008
On-device video production for social networking will be a key differentiator for mobile phones
DUBLIN, Ireland & HONG KONG — Movidia, the mobile video processor company, announced today that it had secured over US$14 million in Series A funding. Investments from an international syndicate led by Celtic House Venture Partners and Capital-E and including Emertec Gestion, AIB Seed Capital Fund and Enterprise Ireland will help the fabless semiconductor and software company to bring to market its highly innovative mobile video processor technology. Movidia’s first product, already proven in silicon, is set to launch in early 2009.
Movidia’s advanced low power video processor will, for the first time, enable powerful User Generated Content (UGC) video production functions for mobile phones and other consumer electronics products. Movidia’s technology allows cell phone manufacturers to provide highly differentiated products and services to meet the growing global demand for mobile social networking. Users will be able to do complex in-clip editing to add post-production effects such as slow motion and super resolution zoom to their own video content in real time and on the move without the need for a PC.
Movidia was founded by an experienced management team from the semiconductor industry including CEO Sean Mitchell, CTO David Moloney and COO Paul Costigan. The company’s R&D and sales teams are located in Dublin, Hong Kong and Romania.
Movidia’s CEO and co-founder, Sean Mitchell, commented, “The confidence shown by our investors in supporting Movidia highlights the value of our unique technology and, in light of current uncertainties in financial markets, provides strong validation of our fabless business model, market strategy and product plans.” Mitchell continued, “Mobile social networking capabilities will be an important differentiator for next generation mobile handsets and Movidia’s semiconductor products will provide handset manufacturers with unique video post-production capabilities that are now in demand by today’s consumers.”
Movidia’s Board of Directors will be expanded as a result of the investment with seasoned semiconductor industry investors Roger Maggs and Brian Antonen of Celtic House, Rudi Severijns of Capital-E and Jean-Philippe Gendre of Emertec Gestion all joining the Board.