Video chip start-up Novafora raises $12,000,000

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 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