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Chip Express gets $16 million

Chip Express raised $16 million of funding in its most recent round, bringing the chipmaker's total financing to $44 million, the company announced. Wasserstein Venture Capital led the round and received a seat on the Santa Clara, Calif.-based company's board of directors. Other participants in the round, announced earlier this week, included Elron Electronic Industries, Needham Capital Partners, Newlight Associates, Parker Price Venture Capital and chip manufacturer UMC. Chip Express will use the cash to boost its research and development activities, expand global marketing efforts and increase its sales force, especially in Asia.

Chip Express raised $16 million of funding in its most recent round, bringing the chipmaker's total financing to $44 million, the company announced. Wasserstein Venture Capital led the round and received a seat on the Santa Clara, Calif.-based company's board of directors. Other participants in the round, announced earlier this week, included Elron Electronic Industries, Needham Capital Partners, Newlight Associates, Parker Price Venture Capital and chip manufacturer UMC. Chip Express will use the cash to boost its research and development activities, expand global marketing efforts and increase its sales force, especially in Asia.