TeraChip Raises $11M

$11M round led by Accel Partners and Benchmark Capital brings total funding to $15.5M

April 30, 2002

1 Min Read

LOD, Israel -- TeraChip, a developer of next-generation switch fabric, announced today that it has closed a round of financing for $11 million secured from Accel Partners and Benchmark Capital. Founded in late 2000, TeraChip has raised a total of $15.5 million to date, following an earlier investment of $4 million by Benchmark Capital in mid-2001. TeraChip, which employs 18 engineers in its development center in Israel, will move its headquarters to the San Francisco Bay Area later this year. "Switch-fabric silicon is an emerging market with tremendous long-term growth potential," said Joe Golden, General Partner, Europe, of Accel Partners. "TeraChip's technology will help network equipment vendors dramatically shorten development schedules and increase product margins." Following the investment of Accel Partners, Mr. Golden was appointed to the TeraChip board of directors. Fellow directors include Nachman Shelef, General Partner of Benchmark Capital, Shlomo Rakib, Co-Founder, President and CTO of Terayon Communication Systems, and Micha Zeiger, TeraChip Founder and CEO. TeraChip Inc.

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