Movidia, developer of mobile video processors, announced today that it landed $14 million in first-round funding to launch its new mobile phone video chip in early 2009. The chip will require less energy to run, while at the same time giving users the ability to quickly produce their own video content using only their cell phones.
The Irish semiconductor company hopes the processor’s capabilities will help it make a name for itself in the social networking world, with users generating and freely sharing videos throughout the Internet. For example, the processor even allows users to edit their video content after it’s shot, adding effects like slow motion — all on a handheld, PE wire reports. Mobile social networking will be a $7.3 billion market by 2013, UGC industry analysts predict, and video is sure to be a huge component.
The investment round was co-led by Celtic House Venture Partners and Capital E and included Emertec Gestion, AIB Seed Capital Fund and Enterprise Ireland.
