SANTA CLARA, Calif.--(BUSINESS WIRE)--GEO Semiconductor Inc. (“GEO”), the industry leader in high performance, geometric processing and CODEC video processing solutions, today announced that it has completed a $13 million funding consisting of convertible debt and preferred equity financing from existing and new shareholders, including Panasonic Corporation.
The completion of the financing, following GEO’s December, 2012 acquisition of Maxim Integrated Products, Inc.’s digital video business, will allow GEO to accelerate its product development efforts. GEO expects to launch a new eWarp IC in the second quarter and one new CODEC IC later in 2013. These new 40 nm ICs are focused on Cloud/IP cameras, Smart/SkypeTV, automotive cameras and HUDs, surveillance, video communications and smartphone peripherals. The new CODEC device will feature an internal eWarp geometric processor core to enable single-chip solutions for wide FOV (field of view) video camera communications applications.
GEO’s Chairman and CEO, Paul Russo, commented, “We are delighted to have completed this funding which enables us to now enter the growth stage of GEO’s evolution. With 50 customers in production, 90 employees, 100 patents, 6 ICs already in volume production (and two new SoC’s on the way), GEO is poised to become a rapidly growing profitable company bringing unique and pioneering IP to rapidly evolving high-growth emerging markets.”
About GEO Semiconductor
GEO, with over 100 patents and patent applications, is the industry leader in programmable, high performance geometric processor ICs featuring the highly acclaimed and patented eWarp geometric processor, H.264 CODECS, as well as video, audio and human interface technologies. GEO is focused on smartphone peripherals, automotive cameras & HUDs, Cloud Cameras and Smart/Skype TV communications as well as surveillance & video communication markets. GEOs highly patented eWarp platform technology features the lowest power and silicon cost for performing unlimited pixel transformations such as de-warping wide-angle, fisheye and 360 degree video streams and enabling automated digital camera and HUD calibration. GEO’s Emmy Award winning Realta platform technology, featuring real-time processing of video algorithms in software (trillions ops/sec) enables ICs that can perform Hollywood-proven video processing in software and in real time on a single device. GEO’s leading H.264 CODEC and human interface ICs (including gestures and voice recognition) are already in volume production with over 40 customers worldwide, offering complete sophisticated software stacks for Cloud Cameras and SkypeTV. GEO’s complete software stacks allow customers to reach production in as little as six months from design start. GEO is headquartered in Santa Clara, California with offices in Bangalore (India), Cambridge (UK), Toronto (Canada) and Orlando (Florida), and sales channels around the world. www.geosemi.com.
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