Let It Wave, a fabless semiconductor company that developed breakthrough image enhancement technology, was financed primarily by Iris Capital. The company was founded in Paris in 2001 by Professor Stephane Mallat to develop improved image processing capabilities based on bandlet transforms.
In February 2006, Iris Capital led a €6m round with T-Source and private investors to finance the development of products enhancing video quality for HDTV.
The company grew from 12 to 45 people in 2 years. The team developed a first product based on its cutting-edge technology for the broadcast market. In parallel it designed a solution to robustly process images while requiring minimal computational power compared with traditional solutions for the consumer electronics market. In June 2008. Zoran Corporation (Nasdaq: ZRAN) a leading provider of digital audio, video and imaging solutions for the digital home, acquired Let It Wave. Zoran had been looking for a solution to produce sharper images without the common artefacts introduced by other industry technologies. With this acquisition, Zoran benefited from Let It Wave's new algorithms and it established in Paris its European R&D and operation centre. In June 2009, Zoran announced the availability of its new image processor platform to TV manufacturers.