Discretix raises funds to develop co-processors

Discretix, the Israeli start-up developing co-processors for embedded security targeted at mobile devices, has raised Rs.90.64 crore ($20 million) in third-round funding. Total outside investment now amounts to Rs.135.05 crore ($29.8 million).

New investor Sequoia Capital led the deal, and was joined by return backers Accel Partners, Eurocom Group, Genesis Partners, Jerusalem Global Ventures, Shrem-Fudim-Kelner, Pitango Venture Capital and Poalim Capital Markets.

The company said it plans to use the new funds to pursue content protection solutions for the mobile content and enterprise markets and become a global player in embedded security.

"Participation in our third round of funding by our current investors demonstrates the support the company enjoys for its achievements to-date, as well as an endorsement for its future plans," said Gal Salomon, CEO and founder of Discretix, in a statement.

Founded in 2000, Discretix offers an array of hardware-, middleware- and software-based security technologies that are incorporated as an integral part of mobile handheld and cellular devices as well as flash memory. In 2004 and 2005, Discretix was ranked the number one provider of encryption semiconductor IP by Gartner.

- John Walko
EE Times Europe