Intel Acquires Hothouse Alumnus Movidius
Movidius makes computer vision hardware which has applications in drone and camera technology.
The company was recently named one of the 50 smartest companies in tech by the MIT Technology Review.
The company which was co-founded by Seán Mitchell and David Moloney in 2005, participated in DIT Hothouse’s start up programme for high growth, technology businesses in 2006/2007. The company currently employs 180 staff across its global operations.
“When we took part in the programme it was at a point when we had been going for a year, and we wanted to see if the idea had legs... Through getting involved with the programme, by the second half of the Phase 2 we had increased the team. The idea was that we would get more active in the market place, and get a first investment secured.
By 2007 we had finished the programme, and we secured a first investment with Enterprise Ireland. Later we successfully received a BES Angel investment, which allowed us to build to a point to attract venture investment. Within a year, we had closed the first venture capital investment round.”
Speaking about the benefits of the programme Sean went on to say:
“There were three important benefits to us from taking part in the programme. The first was that we made a contact and built a relationship with someone who became a final investor and it was great that we had known them for two years at that stage. Building the relationship was really important and we also felt it important that we had one key Irish investor in the syndicate.
Secondly, early on we had office space which allowed us to build our team and this was free of charge to us. Finally, introductions to Enterprise Ireland – we secured €500k investment from them and this would have taken a lot longer had it not been for the programme. The programme overall gave us 1 year to focus and get our thoughts on the business to get a framework together and get serious. Sometimes people can have a great business idea and just get distracted and it was great to have the time to just focus.”
We wish Seán and all the team at Movidius continued success!
Further information on DIT Hothouse can be found at www.dit.ie/hothouse