Celero Communications raised $275 million at a valuation above $3 billion. The company makes networking chips for data centres. Atreides Management, Valor Equity Partners and CapitalG co-led the round. CapitalG is Alphabet's venture capital arm. Gavin Baker of Atreides is joining Celero's board. Celero was founded two years ago. Its chips speed up data transmission over fibre optic cables. The parts link nearby data centres and separate racks within one building. That lets operators combine chips into larger clusters. The round was set to be announced on Tuesday.

• $275 million raised
• valued above $3 billion
• founded two years ago