Mindgrove Technologies, a fabless semiconductor design startup, has raised $8 million in Series A funding. The investment round was led by and With participation from Mela Ventures, existing investors Peak XV, Nischa Goyal, and Whiteboard Capital, as well as new investor Anshul Goyal.
The company plans to use the capital to hire talent, build in-house engineering capabilities, scale production and sell its first chip.
In May, the firm introduced Secure IoT, a high-performance commercial-grade microcontroller SoC (system-on-chip), designed to transform electronic devices into smart, connected products — such as watches, meters, locks, and access controls . including units, printers and PoS machines. The chip is expected to hit the market in mid-2025.
“The recent investment and DLI plan reaffirms confidence in our thesis and capabilities. There is a growing demand in India for high-performance SoCs with essential features for security and edge-computing. We are actively working to meet this need and have made progress We are committed to bringing design-in-India chips to market,” said Shaswath TR, CEO of Mindgrove Technologies.
Mindgrove has also received approval of Rs 15 crore under the Government of India’s Semiconductor Design Linked Incentive (DLI) scheme to develop its new chip, the “Vision SoC”. The chip is designed for high-performance edge computing and vision processing applications including CCTV cameras, dashcams, video recorders, ADAS, smart TVs, among others.
“We are proud to further strengthen our partnership with Mindgrove Technologies with the goal of revolutionizing the global semiconductor industry with cutting-edge, indigenously designed solutions,” added Special Invest Managing Partner Special Invest Rajaram.
Mindgrove Technologies, incubated by IITM Pravartak Technologies Foundation and IIT Madras Incubation Cell, is actively expanding its team across all key departments, including business, engineering, manufacturing, and applications.
“Mindgrove Technologies represents the future of India’s technology sector, with its innovative solutions tailored to the needs of a growing India,” said Shailesh Ramakrishnan, Managing Partner, Rocketship.vc.
Founded by Shaswath TR and Sharan Srinivas J, Mindgrove Technologies designs high-performance SoCs with advanced features at competitive prices for both the Indian and global markets. In early 2023, the startup raised $2.325 million in seed funding from Peak XV (formerly Sequoia Capital India & SEA), Speciale Invest, and Whiteboard Capital.