Movidius raises $40M to make visual sensors for the Internet of Things

Movidius‘ vision is to build the visual sensors for the Internet of Things, making everyday things smart and connected. And that vision helped the company raise $40 million in funding. The investment is one of the biggest in a chip design company in the past couple of years, … and it shows there’s still room for startups in a $300 billion industry dominated by giant companies. The Internet of Things requires innovation, and it’s creating that opening for startups.

San Mateo, California-based Movidius designs chips that can be used to sense the environment around you. They can be used for applications like self-driving cars or bicycle helmets that can detect road hazards.

The investment was led by Summit Bridge Capital (a joint venture between Atlantic Bridge Capital and WestSummit Capital) and new investors Arch Venture Partners and Sunny Optical Technology Group. Early investors also participated, including Atlantic Bridge Capital, AIB Seed Capital Fund, Capital-E, DFJ Esprit, and Robert Bosch Venture Capital. David Lam of WestSummit Capital will be joining Movidius’ board of directors.

In the past two years, the company has launched the next generation of its vision processor for mobile and connected devices. Movidius is also collaborating with Google on its Project Tango device, a smartphone that can sense its environment. … (read more)

Source: VentureBeat.com