Lucid raises $12m in second round of financing
Lucid Information Technologies has announced the completion of $12 million equity financing for its Series B Preferred Shares. Intel Capital led the round with the participation of its existing investors, Genesis Partners and Giza Venture Capital. The funds will be used to complete the company's product development and prepare for its product launch later this year.
"We are excited to receive this investment," said Moshe Steiner, CEO of Lucid Information Technologies. "This is excellent timing for the launch of our international business activities."
To meet growing demand for 3D graphics, Lucid's have multiplied the GPU's power and aligned it with the increased power performance envelope of today's multiple core processors. The result will dramatically increase the level of graphic performance of PCs and, eventually, gaming consoles. Lucid's first product is based upon a semiconductor device, responsible for the concurrent activation of a number of graphic processors in parallel, seamless to the application and the processors.
"Lucid's solutions focus on enhancing performance for the ever-demanding graphics computing environment," said Steve Gray, senior investment manager at Intel Capital. "This technology will raise the graphics bar in the highly-competitive PC and gaming marketplace."
"Extreme 3D graphics remain one of the most exciting and innovative areas within the PC and gaming arena, and we're excited to have Intel, join us in developing the next big breakthrough," said Eyal Niv, partner at Giza Venture Capital.
"Genesis Partners has accompanied Lucid since the company's initial financing and has been impressed with the company's ability to meet its objectives. We believe in the company's stated strategy and its continued success," said Gary Gannot, partner at Genesis Partners.
