Mindgrove Technologies, a Chennai-based fabless semiconductor design startup, has announced raising $8 million in its Series A funding round. The round was co-led by Rocketship.vc and Speciale Invest, with participation from Mela Ventures, Peak XV Partners, Nishchay Goel, Whiteboard Capital, and new investor Anshul Goel.
Expanding Horizons with Fresh Capital
The funds will be utilized to scale the workforce, enhance in-house engineering capabilities, and accelerate production and sales of Mindgrove’s first chip. This investment marks a significant milestone in the company’s mission to create state-of-the-art, indigenously designed chips.
In May 2024, Mindgrove launched ‘Secure IoT,’ India’s first commercial-grade high-performance microcontroller System-on-Chip (SoC) taped out at 28nm. Designed for smart connected devices like watches, meters, locks, and point-of-sale (PoS) machines, this chip is set to hit the market by mid-2025.
Support from India’s Semiconductor Mission
Mindgrove has also received approval under India’s Semiconductor Design-Linked Incentive (DLI) scheme, securing ₹15 crore for developing its second innovation, Vision SoC. This chip targets high-performance edge computing and vision processing applications such as CCTV cameras, dashcams, advanced driver assistance systems (ADAS), and smart TVs.
Driving Innovation in Semiconductor Design
Shashwath T R, CEO of Mindgrove Technologies, emphasized the growing demand for high-performance, secure SoCs tailored to India’s needs. “We are working closely with OEMs to ensure our solutions are optimized for the local ecosystem, reducing development time and costs,” he said.
Mindgrove’s products focus on general-purpose computing, catering to diverse sectors including automotive, robotics, wearables, and smart devices. By partnering with Indian manufacturers, the company aims to offer better support and documentation tailored to the local market.
Investor Confidence in Indigenous Excellence
Sailesh Ramakrishnan, Managing Partner at Rocketship.vc, praised Mindgrove’s innovative approach, saying, “Mindgrove represents the future of India’s technology sector with solutions tailored for a rising India.”
Vishesh Rajaram, Managing Partner at Speciale Invest, highlighted the impact of Mindgrove’s Secure IoT SoC and its potential to revolutionize global semiconductor design.
Foundation for Success
Mindgrove Technologies, incubated at the IIT Madras Research Park and IITM Pravartak Technologies Foundation, is spearheading India’s semiconductor revolution. It designs scalable, high-performance SoCs under the brand name Mindgrove Silicon, offering advanced features at competitive prices.
Earlier in 2023, Mindgrove raised $2.325 million in seed funding from Peak XV Partners, Speciale Invest, and Whiteboard Capital, further solidifying its position as a leader in the semiconductor industry.
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