Graphics processing technology developer Lucid Logix Ltd. has raised $8 million from its current investors Rho Ventures, Giza Venture Capital, and Genesis Partners, bringing the company's total funds raised to $40 million. Previous investors Intel Capital and Maayan Ventures Ltd. (TASE:MAYN) did not participate in the financing round.
Lucid said that the financing was in response to recent sales of HYDRA 200 real time distributed processers for use in the consumer gaming and professional PC markets. It will use the proceeds for sales support, accelerate market penetration of current products, and for R&D of future technologies.
Lucid chief science officer Dr. Reuven Bakalash, president and VP businee development Offir Remez, and Efi Fogel founded the company in 2003. The company, founded at the Maayan incubator, develops processors to speed up computer graphics applications, such as for 3D games, using an architecture that connects several graphics components to enhance processing power.
Lucid says that its technology is integrated onto the PC motherboard by hardware manufacturers, and that it can boost processing power four-fold or more, greatly enhancing a computer's graphics capabilities.
In August 2009, computer hardware manufacturer Micro-Star International (MSI) Co. Ltd. (TSE: 2377) began installing Lucid's technology in its computers, aimed at gamers.
Lucid CEO Moshe Steiner said, "In addition to MSI, other companies are expected to market products that include Lucid's technology."
Remez told "Globes" that the company had several millions of shekels in sales in the first quarter, and that two more motherboards with the company's technology would be launched in a few months. "By mid-year, four motherboards will be based on our technology. Anyone who knows motherboards will know that a lot of them are sold, not merely tens of thousands."
This is planned to be Lucid's last financing round, either because of future success, or because of its proven performance to date. The company did not disclose the value for the present financing round.
Published by Globes [online], Israel business news - www.globes-online.com - on March 18, 2010
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