Irish chipmaker Movidius records $19.5m loss for 2015

Company acquired by Intel saw accumulated losses rise to $82.6m from €63m in 2014

Movidius cofounders Seán Mitchell and David Moloney: company lists Google, Lenovo and drone-maker DJI among its blue-chip clients

Movidius cofounders Seán Mitchell and David Moloney: company lists Google, Lenovo and drone-maker DJI among its blue-chip clients

 

Dublin-based chipmaker Movidius, which was acquired by Intel in a deal valued at close to $400 million (€355 million) last month, made a $19.5 million loss in 2015, according to newly filed abridged accounts.

The company saw accumulated losses rise to $82.6 million from €63 million in 2014. A year earlier, the firm recorded a $15 million loss.

Movidius, which was recently named one of the 50 smartest companies in tech by the MIT Technology Review, makes computer vision hardware which has applications in drone and camera technology. It lists Google, Lenovo and drone-maker DJI among its blue-chip clients.

Augmented reality headsets

Following the recent acquisition, the company’s technology is expected to be integrated with Intel’s RealSense platform, which is being built into augmented reality headsets, webcams and drones.

Movidius was cofounded by Seán Mitchell and David Moloney in 2005. It employs 180 staff across its global operations and recently announced plans to create an additional 100 jobs in Dublin after raising an additional $40 million from new investors.

The latest accounts show wages and salaries at Movidius climbed to €3.1 million last year, up from €2.2 million in 2014. Directors’ remuneration rose to €494,799 from €363,980 over the same period.

The company had net assets totalling €2 million last year, down from €15 million a year earlier with cash at hand of €16.4 million, versus €12.6 million in 2014.