NuCore Technology Inc, a provider of digital image processing chips for digital video and still cameras, has secured $25m in Series E funding, bringing the total investment in the company to $83m.
Leading the investment group was Meritech Capital Partners, with GIC Special Investments also joining as a new investor. Existing investors participating in the round included Sigma Partners, Crosslink Capital, Vantage Point Venture Partners, Horizon Ventures, and Venture Tech Alliance Partners.
The Sunnyvale, California-based company will use the proceeds to accelerate product development and delivery cycles, expand its sales support infrastructure, and provide additional operating capital.
NuCore recently began to ship its latest generation of CleanCapture image processor, the SiP-1280. NuCore’s image processors are used in a variety of digital video cameras, digital still camcorders, and in the emerging hybrid camera market.
According to market researcher IDC, the digital camera segments are growing at a phenomenal rate – over 40% per this year. It believes that while these rates cannot be sustained in the long term, the upside potential remains very strong.