Irvine chip startup Solarflare Communications Inc. has raised $26 million in a round of venture funding, bringing its total raised to $126 million.

The company, which has 80 workers here, is set to use the money to develop Ethernet chips that combine two functions into one.

The next big step could be filing plans for an initial public offering in the next two years or so, Chief Executive Russell Stern said.

“My goal is to make Solarflare a public company,” he said. “It’s something we are all working toward here.”

The latest round, led by Oak Investment Partners LP of Westport, Conn., makes Solarflare one of the best-funded startups in Orange County.

Some of Solarflare’s past investors also took part, including Corona del Mar’s Miramar Venture Partners, Santa Monica-based Anthem Venture Partners and Intel Corp.’s venture arm, among others.

For more on this story see the June 16 issue of the Business Journal.