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TeraChip banks $11 million

TeraChip said Tuesday that it closed an $11 million round of funding from Accel Partners and Benchmark Capital. The deal gives Accel a spot on TeraChip's board of directors and brings the Israel-based chipmaker's total funding to $15.5 million, which includes a $4 million investment by Benchmark last year. The company makes telecom-equipment chips that power metropolitan networks, which carry data within cities, computer data storage networks and LANs (local area networks). TeraChip will move its headquarters to San Francisco later this year and plans to use the recent financing to recruit senior marketing, sales and engineering staff, the company said.

TeraChip said Tuesday that it closed an $11 million round of funding from Accel Partners and Benchmark Capital. The deal gives Accel a spot on TeraChip's board of directors and brings the Israel-based chipmaker's total funding to $15.5 million, which includes a $4 million investment by Benchmark last year.

The company makes telecom-equipment chips that power metropolitan networks, which carry data within cities, computer data storage networks and LANs (local area networks). TeraChip will move its headquarters to San Francisco later this year and plans to use the recent financing to recruit senior marketing, sales and engineering staff, the company said.