FOR IMMEDIATE RELEASE
LUCID SECURES $18 MILLION IN SERIES C FUNDING
Rho Ventures Leads Round
KFAR NETTER, Israel, October 29, 2008 —LucidLogix Technologies "Lucid", 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 Rho Ventures
Rho Ventures, a division of Rho Capital Partners, has been backing emerging and high growth companies primarily in the U.S. since its inception in 1981.The company has a diversified investment portfolio across various high growth sectors, including information technology, communications, new media, healthcare and energy technology, and invests throughout all stages of a company's development from seed to growth equity rounds. Rho Ventures has invested in approximately 200 venture stage companies and has helped build industry leaders in all of the sectors they've invested. While not a prerequisite for investment, the company has served as the lead investor in many of its portfolio companies. For more information, visit http://www.rho.com
LucidLogix Technologies is reinventing multi-core graphics with its HYDRA real-time distributed processing engine that will exponentially improve visual computing for both business and gaming applications. Lucid is a fabless SoC provider headquartered in Kfar Netter, Israel. For more information, visit http://www.lucidlogix.com
Lucid and HYDRA are trademarks of LucidLogix Technologies, Ltd. All other trademarks or trade names are the rights of their respective owners.