Intel to purchase Irish chipmaking firm Movidius in €322m deal

US technology giant Intel has agreed a deal to acquire Irish machine-vision chipmaker Movidius in a transaction thought to be worth around €322m.

Movidius is predicted to play a key role in the development of the likes of virtual reality and self-driving technology. It was established in Dublin only five years ago.

Last year, the company announced the creation of 100 new jobs in the Irish capital after the investment of over $40m from a number of key backers.

"We will look to deploy the technology across our efforts in augmented, virtual and merged reality (AR/VR/MR), drones, robotics, digital security cameras and beyond," said Josh Walden, senior vice president and general manager of Intel's New Technology Group in a blog post on Tuesday.

It is hoped that the acquisition will give Intel an edge in the emerging demand for the internet of things, whereby electrical devices are increasingly becoming smart.

"We’re entering an era where devices must be smart and connected," Walden added. "When a device is capable of understanding and responding to its environment, entirely new and unprecedented solutions present themselves."