Monday 22 January 2018

€200m valued Movidius back from the brink

MOVIDIUS: Founders Sean Mitchell and David Moloney
MOVIDIUS: Founders Sean Mitchell and David Moloney

The 'internet of things' has been credited with all manner of amazing stuff - and you can add to the list that it has saved technology firm Movidius.

Three years ago the fabless semi-conductor outfit was running out of cash, with directors and backers digging into their own pockets to pay wages.

Now it has been conservatively valued at €200m-plus and - if it doesn't get tapped up for a trade sale - is likely to head for a stock market IPO within the next three to five years.

Movidius has developed visual sensing technology that could be the magic dust in anything from automating your washing machine to a virtual reality headset.

Last week the company, which was founded by Sean Mitchell and David Moloney 10 years ago, raised €38m from investors including China Investment Corporation, the Irish Strategic Investment Fund and an arm of Bosch, one of the world's biggest makers of dishwasher.

The Chinese and Irish state money was invested via Summit Bridge, a fund co-managed by Atlantic Bridge Capital and WestSummit Capital. Teaming up with Google catapulted Movidius into the big time. It'll need turbo stripes soon.

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