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Israeli graphics chip startup raises $4 million

Posted: 08 Aug 2005     Print Version  Bookmark and Share

Israeli parallel-processing graphics chip start-up Lucid Ltd has secured $4 million of Series A financing in a round led by Giza Venture Capital and Genesis Partners, according to Giza Venture Capital.

Lucid plans to use the money to increase the size of its work force and speed up research and development, and is expected to seek further venture capital funding within 12 to 18 months, Giza said.

"This company needs about $10 million to $15 million," to fund its goals, said Eyal Niv, a vice president at Giza Venture Capital, in a statement. Niv and Gary Gannot, a partner at Genesis Partners, are set to join the board of Lucid, following the investment.

Lucid (Herzliya, Israel) was established in 2003, using an undisclosed amount of seed funding from Israeli business incubator Mayaan Technology Ventures. It is developing a parallel processing architecture and chip set to process three-dimensional graphics and has opened an office in San Jose, California.

Lucid's technology uses a parallel-processing chip that allows, amongst other things, several graphics processors to work in parallel. Niv said the technology would have wide applications in the deployment of high-end graphics in industries such as gaming, and professional industries where 3D visualization is used, such as architecture, mining and defense.

The company was founded by its president Offir Remez, who specializes in the computer games market and real-time compression technology, and chief technical officer Reuven Bakalash, who is a Professor of Parallel Computing at Ben Gurion University in Be'er Sheva, in South Israel.

The company's chief executive officer Moshe Steiner is the former chief operating officer of Israel-based digital display processing developer Oplus Technologies Inc., a Giza portfolio company that was sold to Intel Corp. in February for $100 million.

Lucid's approach and area of application show similarities to past activity of ClearSpeed Technology plc (Bristol, England). ClearSpeed tried to bring a parallel processing graphics architecture to market under the name Pixelfusion in 1999, before applying itself to network processor applications and most recently scientific calculation acceleration.

- Peter Clarke

EE Times





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