Israeli start-up Lucid Ltd., a developer of advanced processing solutions for 3D graphics, recently closed a $4 million financing round led by Genesis Partners and Giza Venture Capital. The company value for the round was $7.5 million, after money.
Lucid also appointed as CEO Moshe Steiner, former co-general manager of Marvell Israel, and hired George Haber as chairman. Haber founded and was CEO of Giga Pixel, which sold to chipmaker nVidia (Nasdaq:NVDA), and founded CompCore Multimedia, acquired by Zoran Corporation (Nasdaq: ZRAN).
Lucid CTO Reuven Backlash, president Dr. Offir Remez, and Efraim Fogel founded the company. Fogel is an expert in 3D technologies. Remez, who founded and was CEO of Enbaya, is an expert in computer games and real-time compression technology. Backlash is a professor of parallel computing at Ben Gurion University of the Negev, and co-founded Terra Computers, Hyperroll, and other companies. Steiner was previously VP and co-general manager of Marvell Israel (Galileo Communications). His last position was COO at Oplus (a Giza portfolio company), sold to Intel (Nasdaq:INTC) for $100 million.
Lucid was originally based at the Maayan Technology Ventures incubator, and has received $500,000 to date from the Office of the Chief Scientist.
Published by Globes [online], Israel business news - www.globes.co.il - on July 31, 2005