Smooth-Stone to raise $48m in funding

Communications systems provider Smooth-Stone has announced that it is raising $48m (£31m) from a syndicate of investors comprising venture capital and semiconductor firms. 

The capital will be applied directly to the final development and market delivery of high-performance, low-power chips for the server and data-centre market. 

Smooth-Stone funding partners include ARM, Advanced Technology Investment, Battery Ventures, Flybridge Capital Partners, Highland Capital Partners and Texas Instruments.