Movellus Secures $23M in Series B Funding to Accelerate Growth
SAN JOSE, Calif., Sept. 20, 2022 (GLOBE NEWSWIRE) -- Movellus, today announced the closing of a $23M Series B to accelerate the company's growth. The funding will be used to expand R&D efforts and build out the marketing and sales functions to support the company's growth plans. MESH and SK hynix joined existing investors Accelerate Blue Fund, Candou Ventures, Hui Capital, Intel Capital, In-Q-Tel, Michigan Capital Network, Stata Ventures, and other private investors in this round.
"We are extremely grateful to have MESH and SK hynix join our existing investors in this round, and welcome Edward Chyau and Heejin Chung to the board," said Mo Faisal, CEO and founder of Movellus. "We were able to close the round with a significant step up in valuation in a challenging economic environment, and SK hynix's strategic investment is a strong endorsement in our technology and long-term strategy.”
“SK hynix is pushing the envelope on memory performance, and looking beyond process improvements, to system level innovation in 3D packaging and chiplets to maintain the trajectory of the last 50 years,” said Heejin Chung, Head of Venture Investment at SK hynix. “Movllus’ clock network technology is an avenue to improve not only performance, but we also believe it will improve power and yield for memory and other complex ICs. We’re very excited to enable Movellus to accelerate the adoption of this technology.”
"As companies develop the next generation of complex ICs, new innovations are needed to unlock the power and performance potential of these designs. While the clock distribution network doesn’t get a lot of attention, it is the underlying backbone that orchestrates every chip," said Edward Chyau, Managing Partner at MESH. "We believe Movellus has the expertise and technology in this field to help companies make dramatic system level improvements, and MESH will leverage its network in the electronics supply chain to support the proliferation of Movellus’ technology."
Movellus is executing on its mission to enable the next generation of high-performance silicon through its Intelligent Clock Network™ platform that maximizes the potential of advanced silicon architectures. Multiple customers have already integrated this platform into their products in applications ranging from ultra-low power edge AI devices to performance centric cloud datacenter compute and AI offerings.
Movellus, the Movellus logo, and Intelligent Clock Networks are among the trademarks of Movellus. The term "Movellus" refers to Movellus Circuits, Inc and/or its subsidiaries. Other trademarks are the property of their respective owners.
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