Backing for mobile editing chip designer

Dublin-based chip designer Movidia has secured over US$14 million in Series A funding from an international syndicate to bring its mobile video processor technology to market. Movidia’s first product, already proven in silicon, is set to launch in early 2009.
This low power video processor will enable powerful User Generated Content (UGC) video production functions for mobile phones and other consumer electronics products and will allow cell phone manufacturers to provide 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 (right), CTO David Moloney and COO Paul Costigan. The company’s R&D and sales teams are located in Dublin, Hong Kong and Romania.

“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,” said Movidia's CEO and co-founder, Sean Mitchell. “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.”

Market
According to UGC industry analysts Juniper Research strong growth is expected in mobile social networking revenues with a market size of $7.3 billion by 2013. Meanwhile In-Stat expects that the worldwide market for mobile video revenues could reach $6.2 billion in the coming five years, while ABI Research forecasts 140 million mobile social networking users by 2013.
Funding
The venture syndicate is led by Celtic House Venture Partners and Capital-E and including Emertec Gestion, AIB Seed Capital Fund and Enterprise Ireland.