Up to 100 new jobs are on the way to Dublin.

Movidius - which develops hardware and software for virtual reality headsets, drones, home automation and other technology - has raised €37.6m in funding.

The new jobs will be added in the next year to the existing 70 people working for Movidius in Dublin, and Silicon Valley in the US.

The funding raised by Movidius is one of the largest ever in Ireland for a technology company - and the largest for a fabless semiconductor company in the past two years globally.

Movidius says it will use the financing to further drive software and hardware products for the next wave of emerging applications.

The company says its technology will transform how devices and users interact with the world around them through intelligent, vision-based technology.

As part of this new round of investment, David Lam of WestSummit Capital will be joining Movidius' board of directors.

The Taoiseach Enda Kenny said: "Supporting cutting edge Irish companies like Movidius is essential to develop an enterprise focused economy. The impressive $40m investment being announced today will lead to 100 new high quality jobs being created in Ireland and will boost Irish exports in the growing computer vision technology sector."

"I am particularly pleased that this investment has been made under the China Ireland Growth Capital Technology Fund which will enhance the strategic relationship between our two countries."

The Minister for Jobs, Richard Bruton, added: "Today's announcement that Movidius, a ground-breaking company operating at the cutting edge of global technology, is expanding in Ireland and creating 100 extra jobs here is a great example of what Irish companies can achieve."