Chip Express Raises $12M; Changes Name, Chairman
Publication: Electronic News
Date: Monday, March 29 2004
Chip Express today said it has raised $12 million in additional financing from investment firms and corporate partners. Meanwhile, the Santa Clara-based chipmaker also announced the tweaking of its board of directors and corporate name.
Chip Express said it changed its identity to ChipX,
The company said it changed its corporate name to better identify with the technology market it targets, the rapidly growing structured ASIC. No details were given, however, as to why Galil was stepping down as chairman of the company he founded.
ChipX's financing was led by a new investor, VantagePoint Venture Partners, and included previous investors Elron Electronic Industries, Wasserstein Venture Capital, UMC, Needham Capital Partners, Newlight Associates, Parker Price Venture Capital and Insite Capital.
The company said the funding will be used for research and development efforts.
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