BANGALORE, INDIA--GEO Semiconductor will double its Indian presence by the end of the year, following a planned US$20 million fundraising effort.
At a press conference in Bangalore on Wednesday, the company's CEO Paul Russo announced the launch of its Indian operations, which houses 22 staff, including software and hardware engineers. This number will double over the next few months as the company adds engineering and marketing staff to boost local sales of its chips, which power cameras in cars and cloud devices.
Russo said the company's geometric processors digitally transform images from a single camera and, in real time, convert this into HD video streams representing a number of different perspectives. For example, the technology is used in cars to provide a video feed of the rear of the car.
"We really want to grow the algorithm and software stack work here because I will suspect that India will have different needs. India becomes a good point to expand to other countries in the region; this will be the focal point," Russo told reporters.
GEO is in the process of raising US$20 million from investors, and an undisclosed percentage will be funnelled into growing the Indian operation. This fundraising is expected to be completed in the next few months, he said, and will see another 50 to 60 staff, including about 20 in India, added to the company's overall headcount of 80 staff. He said the company has already raised US$23 million to date.
India now forms a key part of the company's R&D capability, along with facilities in the U.K., Toronto, and the company's headquarters in San Jose.
Russo said there is no plan to expand the company's modest presence in China. "We have the odd person in China. We don't want to do advanced work in China or Korea; personally I've experienced some bad things with IP [intellectual property] vanishing in the cloud."
Mahesh Sharma earned his pen licence in his homeland, where he covered the technology industry for ZDNet, SMH, Sky Business News, and The Australian--first as an FTE, and later as a freelancer. The latter fueled his passion for startups and empowered a unique perspective on entrepreneurs' passion to solve problems using technology. Armed...