GEO to Focus on Series B Funding and Strategic Partnerships
SANTA CLARA, Calif.-- April 5, 2012 -- GEO Semiconductor Inc. ("GEO"), the industry leader in programmable, high performance, geometric processor (eWarp) IC solutions for smartphones & peripherals, video communications, surveillance and automotive video camera markets, today announced that it has secured in excess of $1 million in new Series A equity financing, completing its Series A offering. The Company will now fully focus on completing its $10 million Series B funding round and signing additional strategic partners.
GEO 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 our Series A has been completed, which enables us to focus on the next phase of the GEO story. The Series B funding will support the completion of our next generation IC as well as fund the next phase of corporate growth. We also expect to capitalize on the significant growth opportunities in smartphone peripherals, such as our recently announced strategic partnership with AppBanc.”
About GEO Semiconductor
GEO is the industry leader in programmable, high performance geometric processor ICs focused on smartphones, smartphone peripherals, automotive cameras and surveillance markets. GEO’s highly patented eWarp platform technology features the lowest power and silicon cost for performing unlimited pixel transformations such as de-warping wide-angle, fisheye and 360 degree video streams and enabling all digital ePTZ (electronic pan/tilt/zoom). In addition, eWarp processors can simultaneously correct for optical distortion and stitch together multiple camera video streams, allowing unlimited numbers of views (transformations) at no additional cost. These capabilities result in lower optical system costs as well as reduced manufacturing costs through digital calibration. eWarp also enables new product and feature categories hitherto not economically feasible using conventional approaches. GEO’s Emmy Award winning Realta(TM) (real-time processing of video algorithms in software, trillions ops/sec) platform technology enables ICs that can perform Hollywood-proven video processing in software and in real time on a single device. It is anticipated that at 40 nm and below, this superior approach will become fully competitive with conventional hard-wired video processing approaches. GEO is focused on the rapidly growing sensor-based camera markets, has in excess of 30 customers in production or design with its existing ICs, and has the next generation eWarp IC device in design. GEO is headquartered in Santa Clara, California with offices in Toronto and Orlando, and sales channels around the world. www.geosemi.com.