Today, Movea announced that it has closed a €6.5 million ($8 million USD) round, led by Intel Capital, and participated in by its previous investors, GIMV, and iSource. According to the CrunchBase database, the company has raised a total of $10.7 million to date, making this round a large chunk of its total funding.
Movea is a company that builds motion-sensing products for original equipment manufacturers (OEMs). Essentially, an OEM that wishes to track human motion could use Movea’s products to do so. This spares them the need to build their own software algorithms. Given the complexity, and diversity of the task of tracking motion, the savings could be significant.
Also, Movea has 400 patents, putting a potential roadblock up for others that may wish to forge ahead alone. Intel’s money is apparent in the company’s wording. In its release on the funding, Movea notes that its products will have a home in “tablets, smartphones and Ultrabooks.” Ultrabooks, of course, are an Intel-led project.
How many companies used Movea’s technology? There is no public figure that TNW could find, but, and this is self-reported targeted marketing language, Movea cited “impressive partner growth” as part of its evidence that it has “momentum.” Make of that what you will. The only reason that statement can be potentially taken as indicative of anything other than someone’s ability to type is that it managed to raise funds, assumedly on its actual momentum, making its claim somewhat weighty.
Finally, Intel see a future in motion tracking: “We look forward to supporting Movea and increasing our involvement in the [...] motion sensing space in general.” Windows 8 motion sensing tablets? Sure, I’ll take one.
Top Image Credit: Dino ahmad ali