US-based chip manufacturer Intel has bought Olaworks, a face recognition portfolio company of corporate venturing unit Intel Capital, a spokesman said. Intel bought the company for Krw35bn ($30.7m), according to Korean news provider Joong Ang Ilbo, as cited by news provider Private Equity Korea on April 17 in English.
Olaworks raised $4m in 2007 from Intel Capital, private equity firm Skylake Incuvest and law firm Wilson Sonsini Goodrich and Rosati. SLIC and Intel Capital each invested $1.99m, while WSGR invested $20 thousand.
Olaworks was founded in 2006 by graduates from the Korea Advanced Institute of Science and Technology.