Pixim, a leading developer of digital imaging systems, today announced that it has closed a round of $12 million in new financing. Existing investors including Mohr Davidow Ventures, Mayfield, and Newbury Ventures and several new investors including Honda Motor Company Ltd. and Atrium Venture Partners participated in the round.
Proceeds from the financing will be used to accelerate the development and production of new products based on Pixim's Digital Pixel System (DPS) technology, the first digital imaging solution that provides image capture and image processing designed to work interactively as a single system.
Pixim's first product line, the D2000 family targeted at the security and surveillance camera market, is currently being shipped in advanced security cameras by over 15 leading camera manufacturers. The D2000 chipset incorporates a digital image sensor and digital image processor with optimized software that achieves superior video images and provides the ability to clearly see details in images with both bright and dark regions, important characteristics in a number of markets such as security and automotive.
"Pixim showed a strong presence at the two most recent major security trade shows, ISC West in Las Vegas in April and IFSEC in the U.K. in May," said Joe Montalbo, Pixim's president and CEO. "End-users saw a wide variety of Pixim-based cameras that meet the needs of numerous applications. Customers were also excited to see demonstrations of our next generation chipset. This new financing will allow us get innovative products to market more quickly for security cameras as well as for new markets."
Pixim's initial product line has focused on the security camera market. The addition of a strategic partner in the automotive market will allow the company to define best-of-class products more quickly and effectively as cameras become more prevalent in automobiles. "We're pleased to continue to receive excellent support from our investors, and look forward to working closely with Honda and Atrium," said Montalbo.
