6th Sep 2016 08:25
LONDON (Alliance News) - Venture capital investor Draper Esprit PLC on Tuesday said it and other investors in Dublin-based artificial intelligence technology firm Movidius Ltd have agreed to sell the business to US chipmaking giant Intel Corp.
Movidius makes high performance, ultra-low power computer vision technology for connected devices. Its technology can be used in drones, augmented reality and virtual reality devices.
Intel has agreed to acquire Movidius and Draper Esprit said it will get an estimated cash return of GBP27.0 million for its investment in the Irish start-up. This will result in an uplift to Draper Esprit's net asset value of around 21% compared to the figure reported when the firm floated in June, it said.
"We are proud to have once again helped an incredible management team with superior European technology to become a leading global platform. Movidius' technology is enabling the next generation of computing devices with vision interfaces and the sale will allow the business to take full advantage of Intel's global leadership and strong market position and the obvious market benefits this will bring," said Draper Esprit Chief Executive Simon Cook.
Draper Esprit shares were up 1.7% to 307.50 pence Tuesday.
By Sam Unsted; [email protected]; @SamUAtAlliance
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