Video chip maker Novafora raises $12 million

Vertex and Gemini invested in the Rakib brothers’ latest venture.

Video chip start-up Novafora Inc. has closed its latest financing round, raising $12 million from Vertex Venture Capital and Gemini Israel Funds. The company was founded by CEO Shlomo Rakib, and Dr. Zaki Rabib, both veterans of the video technology industry.

Novafora is currently operating in stealth mode, thus no details about its line of business and financial data are currently available. However, an article on the company which appeared several days ago on online telecommunications magazine "Light Reading" noted that Shlomo and Zaki Rakib previously founded digital video equipment maker Terayon Communication Systems Inc., which was sold in April to Motorola Inc. (NYSE: MOT) for $140 million. "The two resigned from Terayon in 2004, following a rollercoaster ride for investors. Zaki Rakib had been CEO of Terayon and Shlomo had been president and CTO," said "Light Reading."

Published by Globes [online], Israel business news - - on August 20, 2007

© Copyright of Globes Publisher Itonut (1983) Ltd. 2007

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