Date: 18/06/2012

Geometric processor specialist GEO Semiconductor gets $3 Million financing

Geometric processor (eWarp) IC chip developer GEO Semiconductor has secured $3 million in debt financing, which converts into Series B equity when a certain threshold is achieved. GEO says it is focused on completing $7+ million of Series B funding, signing additional strategic partners and completing the development of its next generation eWarp IC.

GEO said it plans to utilize the proceeds from the Series B financing to complete the development of its new GEN 4 eWARP processor, which is expected to tape-out in the third quarter of 2012. GEO’s low cost eWarp ICs simultaneously correct all optical and alignment issues, while enabling new applications such as real-time HD fisheye/360/elliptical de-warping and multiple-camera stitching in surveillance, video communications, smartphone & smartphone peripherals, and in automotive camera applications.

GEO Semiconductor’s Chairman and CEO Paul Russo commented, “I am very pleased that we now have the financing to complete the development of our next generation eWarp IC. Interest in our GEN 4 eWARP processor is robust and we are in active discussions with more than 10 strategic partners that will use the new eWarp device in the smartphone peripherals, video communications, surveillance and automotive markets.”
Author: Srinivasa Reddy N