LucidLogix Technologies, the provider of the recently launched multi-GPU HYDRA technology, today announced it has secured $ 18 million in Series C round of funding from Rho Ventures. This investment is the largest to date, bringing total capitalization to $ 32 million.
Rho Ventures led the round, with participation from existing investors Genesis Partners and Giza Venture Capital. Lucid intends to use the funds for commercializing the company's current technology and developing next generation products.
"It is a great achievement for Lucid to raise this level of funding when the economic atmosphere is so shaky. Our recent announcements and engagements with major partners have demonstrated that we can deliver and commercialize our technology," stated Offir Remez, founder and VP of business development. "Our investors see the value added of both the company personnel, as well as the technology it develops."
"Rho Ventures is an ideal partner, as they take an active role in supporting the growth of up and coming technology companies," says Lucid CEO, Moshe Steiner. "Their track record of success in the graphics processing space, such as Silicon Graphics - makes us honored to be a part of the Rho portfolio."
"We believe there is potential for the multi-GPU market and have confidence in the Lucid approach," said Jeff Grammer, a partner at Rho Ventures. "The HYDRA scalable graphics processing technology has the ability to affect the price performance paradigm in systems of all types.
"And while the Lucid HYDRA engine at first glance is impressive, what makes the company even more attractive is the team of engineers behind the innovation," added Grammer. "We are looking forward to seeing the fruits of this powerful partnership."
About Giza Ventures
GIZA VENTURE CAPITAL established in 1992, is a pioneer investor in seed and early-stage technology companies. Giza currently manages five funds totaling about $ 600 million.
Giza investment professionals bring wealth of expertise and experience in Communications, Semiconductors, Information Technology, Enterprise Software, Life Sciences, CleanTech, Media, Internet & Entertainment.
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