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Chip company reels in $15 million

Silverback Systems announced Monday it raised a $15 million third round of funding, led by Excelsior Venture Partners III. Previous investors Gemini Israel Fund, JP Morgan Partners, Newbury Ventures and Pitango Venture Capital contributed to the round. The Campbell, Calif.-based company has raised a total of $32.3 million. Silverback Systems develops storage network access processors.