Mindgrove Technologies, a fabless semiconductor design startup headquartered at the IIT-Madras Research Park, has announced that it has raised $8 million in a Series A funding round.
The round was co-led by Rocketship.vc and Speciale Invest, with participation from Mela Ventures and existing investors Peak XV Partners, Nishchay Goel and Whiteboard Capital, with new participation from Anshul Goyal.
Using this capital investment, the company intends to expand its workforce and enhance its in-house engineering capabilities. The investment will also accelerate production and sales of its first chips. The startup is incubated by IITM Pravartak Technology Foundation and IIT Madras Incubation Cell.
Earlier this year, in May 2024, the company launched “Secure IoT” — India’s first commercial-grade high-performance microcontroller SoC (system-on-chip) taped at 28nm. Designed for electronic devices that are becoming “smart” connected devices such as clocks, meters, locks and access control units, as well as powering devices such as printers and PoS machines. The chip is scheduled to hit the market in mid-2025.
Additionally, Mindgrove received approval under the Government of India’s Semiconductor Design Linked Incentive (DLI) scheme to develop a new chip, the “Vision SoC”, worth ₹ 15 crore for high-performance edge computing and vision processing applications – CCTV cameras, dashcams, Video recorders, ADAS, smart TVs, and more.
Shaswath TR, CEO, Mindgrove Technologies said: “The demand in India for high-performance SoCs with essential features for security and edge-computing is increasing. We are actively working towards meeting this need and have made progress in bringing design-in-India chips to market. “
The company is expanding its team across all departments – business, engineering, manufacturing and applications. Mindgrove designs high performance SoCs with advanced features for Indian and global markets. In early 2023, Mindgrove Technologies secured $2.325 million in seed funding from Peak XV Partners (formerly Sequoia Capital India & SEA), Speciale Invest, and Whiteboard Capital.
published – December 22, 2024 at 11:32 am IST