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 is co-led by Rocketship.vc and Speciale Invest, with participation from Mela Ventures and existing investors Peak XV Partners, Nishchay Goel and Whiteboard Capital along with new participation from Anshul Goel.
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 chip. The startup is incubated by IITM Pravartak Technologies 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 out at 28nm. Designed for electronic devices that are transforming into “smart” connected devices like watches, meters, locks and access control units, as well as for powering devices like printers and PoS machines. The chip is on schedule to reach the market by mid-2025.
In addition, Mindgrove received approval under The Government of India’s semiconductor Design Linked Incentive (DLI) scheme amounting to ₹15 Crore for developing a new chip, “Vision SoC,” meant for high-performance edge computing and vision processing applications — CCTV cameras, dashcams, video recorders, ADAS, smart TVs, and more.
Shashwath T.R., CEO of Mindgrove Technologies, said: “The demand in India for high-performance SoCs with essential features for security and edge-compute is growing. We have been actively working towards meeting this need and have made progress in bringing designed-in-India chips to the market.”
The company is also expanding its team across all departments – business, engineering, product and applications. Mindgrove designs high-performance SoCs with advanced features for the 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 11:32 pm IST