Sources inform ''Globes'' that Israeli start-up Lucid Information Technology Ltd. has raised $12 million in its second financing round. Intel Capital led the round, joined by the company’s existing investors.
The Netanya-based company develops advanced 3D graphics processing solutions. The company raised $4 million in its first financing round in July 2005 at a company value of $7.5 million, after money. Genesis Partners and Giza Venture Capital participated in the first round in equal shares.
Altogether, Lucid Information has raised $16.5 million, including a grant from the Office of the Chief Scientist.
Lucid Information’s solutions are based on a system-on-a-chip and parallel architecture that connects graphics processors to create large integrated processing power. The company’s product can more than quadruple processing power using existing processors already on the market.
Lucid Information was founded in 2003 by president Offir Remez, CTO Prof. Reuven Bakalash, and Efi Fogel, a specialist in 3D technologies. Remez was a co-founder of Enbaya, and is an expert in real-time compression technology for computer games. Bakalash teaches parallel computing at Ben Gurion University of the Negev. He was a co-founder of Terra Computers, HyperRoll Inc. and other companies.
Lucid Information CEO Moshe Steiner previously served as VP and co-general manager of Marvell Semiconductor Israel Ltd., formerly Galileo Communications acquired by Marvell Technology Group (Nasdaq: MRVL). Lucid Information chairman George Haber founded and was CEO of GigaPixel, which was sold to chip maker Nvidia Inc. (Nasdaq:NVDA), and co-founded Compcore, which was acquired by Zoran Corp. (Nasdaq: ZRAN).
Published by Globes [online], Israel business news - www.globes.co.il - on January 1, 2007
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