Mobile vision company Movidius Ltd. has raised $40 million Series E in a round led by Summit Bridge Capital that included Atlantic Bridge Capital, AIB Seed Capital Fund, Capital-E, DFJ Esprit and Robert Bosch Venture Capital, along with new investors ARCH Venture Partners and Sunny Optical Technology Group.

Founded in 2006, Movidius designs compact, high-performance, ultralow power, computational imaging and vision processing chips, software, development tools and reference designs. The company services the growing need for visual sensing in connected devices, providing an innovative vision processing unit (VPU) with a robust and powerful software development kit (SDK) environment.

Movidius further provides technology for mobile phone manufacturers, which enable multimedia compression, processing and editing video, including 3D video and other applications in audio or mobile games.

Movidius’ core product consists of a coprocessor with low power consumption (which saves battery life) that runs on a number of multimedia applications.

The company is also a participant in Google’s Project Tango, the project out of Google’s Advanced Technology and Projects group, that aims to deliver a phone that make sense of its surroundings.

“Movidius has pioneered an entirely new class of cost-effective, low power and high performance processors, software and development tools, and this platform enables our customers to implement visual sensing that aims to mirror human vision capabilities,”CEO of Movidius Remi El-Ouazzane said in a statement sent to SiliconANGLE. “This infusion of capital provides us with the resources to expand strategically, innovate constantly and extend our market leadership.”

The new round takes Movidius’ total funding to $86.5 million over five rounds. Investors who didn’t participate in the new round include Enterprise Ireland, Emertec Gestion
Enterprise Equity Limited and Capital-E. As part of the deal, David Lam of WestSummit Capital will be joining Movidius’ board of directors.

The company said the new financing will enable it “to seize the market opportunity, working with its partners to fuel innovation and business growth in visually intelligent devices.”

Image credit: Movidius.