SAN JOSE -- Palmchip Corp. here announced $13 million in first-round financing, while also naming a new roster of board members and executives at the supplier of system-on-a-chip products.
The company received the funding from Index IT, a division of Beeson Gregory in London. Arm Holdings plc Ltd., an early investor in Palmchip, has restructured its investment and retains a minority position below 10%, said officials at the San Jose-based company.
On the management front, Palmchip also named Michael Hackworth, former president and current chairman of Cirrus Logic Inc., as its chairman of the board. Joseph Rodgers, formerly chief financial officer of Quantum Corp., has been elected to the board.
Derek Bell, former vice president of engineering at Synopsys Inc., has been named executive vice president and chief operating officer at Palmchip. Bell will report to Jauher Zaidi, Palmchip's president and chief executive officer.