Fabless semiconductor startup Mindgrove raises funds to accelerate chip production and expand workforce
Mindgrove Technologies, a Chennai-based fabless semiconductor design startup, has successfully raised $8 million in its Series A funding round. The round was co-led by Rocketship.vc and Speciale Invest, with additional support from Mela Ventures and existing investors Peak XV Partners, Nishchay Goel, Whiteboard Capital, and Anshul Goel. This funding will play a pivotal role in expanding the company’s engineering capabilities, growing its workforce, and speeding up production and sales of its first semiconductor chip.
Previously, in early 2023, Mindgrove had raised $2.325 million in seed funding from notable investors including Peak XV Partners (formerly Sequoia Capital India & SEA) and Speciale Invest. This new round is expected to strengthen the startup’s position in the competitive semiconductor industry, helping it move closer to its vision of delivering high-performance semiconductor solutions to the Indian and global markets.
A New Era of Semiconductor Innovation in India
Founded in 2021 by Sharan Jagathrakshakan and T.R. Shashwath, Mindgrove is an incubated startup at the IITM Pravartak Technologies Foundation and IIT Madras Incubation Cell. The company specializes in designing advanced System-on-Chip (SoC) solutions with high-performance features at competitive prices. Its aim is to serve both the Indian market and global demand for cutting-edge semiconductor products.
“We are focused on developing products that drive the next generation of connected devices and edge computing systems,” said Sharan Jagathrakshakan, co-founder of Mindgrove. “This funding will help us continue to scale our efforts and bring our innovative chips to market.”
Mindgrove’s First Chip: A Game-Changer for IoT Devices
Mindgrove has already made significant strides with its debut product, the “Secure IoT” SoC. This microcontroller chip is designed for electronic devices that are becoming increasingly “smart” and connected. Target applications include smartwatches, meters, locks, access control units, printers, and Point of Sale (PoS) machines.
The Secure IoT chip is being developed at a 28nm process node and is expected to reach the market by mid-2025. The chip’s high performance and versatility will address the growing demand for secure and energy-efficient solutions in the rapidly expanding Internet of Things (IoT) space. By focusing on providing quality chips at competitive prices, Mindgrove aims to revolutionize the way electronic devices connect, communicate, and function.
Key Features of Secure IoT SoC:
- High-Performance Microcontroller: Designed for a variety of smart, connected devices.
- 28nm Process Node: Ensures energy efficiency and high processing capabilities.
- Versatility: Suitable for a range of devices, from smart meters to printers.
Approval for New Vision SoC Chip
In addition to its Secure IoT chip, Mindgrove is also developing a next-generation chip called “Vision SoC.” This chip is focused on high-performance edge computing and vision processing applications, including CCTV cameras, dashcams, video recorders, advanced driver assistance systems (ADAS), and smart TVs. The Vision SoC has received approval under the Government of India’s Semiconductor Design Linked Incentive (DLI) scheme, which provides a Rs 15 crore grant for the development of semiconductor technologies in India.
The Vision SoC aims to provide robust, high-performance processing for real-time video and image data, addressing the demand for smarter and more efficient edge computing systems. It is an ambitious project that positions Mindgrove as a key player in the semiconductor field, especially in the growing sectors of surveillance, automotive, and consumer electronics.
Strategic Growth with Government Backing
Mindgrove’s success is further bolstered by its backing from the Government of India’s Semiconductor Design Linked Incentive scheme. This support is a recognition of the company’s potential to drive innovation and contribute to the country’s semiconductor ecosystem. The DLI scheme aims to enhance India’s capability in semiconductor design and manufacturing, positioning the country as a key player in the global semiconductor supply chain.
With the Indian government actively supporting the development of semiconductor technologies, Mindgrove’s growth prospects are looking brighter than ever. The company’s focus on high-performance, cost-effective chips puts it in a strong position to meet the demands of both domestic and international markets.
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