Remi El-Ouazzane, Movidius CEO, says "Movidius’ mission is to give the power of sight to machines. As part of Intel, we’ll remain focused on this mission, but with the technology and resources to innovate faster and execute at scale. We will continue to operate with the same eagerness to invent and the same customer-focus attitude that we’re known for, and we will retain Movidius talent and the start-up mentality that we have demonstrated over the years."
While the acquisition price has not been officially disclosed, Irish startup tracking site Fora reports that "the conditional offer is set to value Movidius at more than €300 million." The 10 year-old company has raised more than $85M in several funding rounds so far.
Irish Times reports that the the fundraising round last year valued the Movidius at about €250 million. "The company, which was co-founded by Sean Mitchell and David Moloney, now employs 140 staff across its global operations.
It recently announced plans to create 100 additional jobs in Dublin after raising an additional $40 million from new investors.
The last available accounts for the company show it made a $15 million loss in 2014, bringing accumulated losses to €63 million from €47.9 million a year earlier."
