Mindgrove Technologies has raised $8 million in a Series A funding round to expand its workforce and engineering capabilities. The company launched India’s first commercial-grade high-performance microcontroller SoC—Secure IoT—while also receiving government support for a new Vision SoC targeting edge computing applications. CEO Shashwath T R highlights the growing demand for locally designed SoCs as the company continues to innovate in the semiconductor market.
Mindgrove Technologies, a fabless semiconductor startup, has successfully raised $8 million in Series A funding. The funding round was led by Rocketship.vc and Speciale Invest, with additional contributions from Mela Ventures and existing investors such as Peak XV Partners. This capital will enable Mindgrove to scale its workforce and improve its in-house engineering capabilities to expedite production and sales of its inaugural chip.
In May 2024, Mindgrove launched its flagship product, the ‘Secure IoT,’ marking India’s first commercial-grade high-performance microcontroller System-on-Chip (SoC) fabricated at 28 nm. This breakthrough technology is designed for smart electronic devices like watches, meters, and access control units, as well as printers and point-of-sale machines, with anticipated market entry by mid-2025.
Additionally, Mindgrove received approval for the Government of India’s semiconductor Design-Linked Incentive (DLI) scheme, amounting to Rs 15 crore, to further develop the Vision SoC. This new SoC aims at high-performance edge computing and vision processing, targeting applications such as CCTV cameras, dashcams, and advanced driver assistance systems (ADAS).
Shashwath T R, CEO of Mindgrove Technologies, remarked, “The recent investment and the DLI scheme reaffirms confidence in our thesis and capabilities.” He emphasized the growing demand in India for high-performance SoCs equipped with essential security features and edge computing capabilities.
Founded by Shashwath T R and Sharan Srinivas J, Mindgrove Technologies operates from the IIT Madras Research Park in Chennai. The company is committed to designing top-tier scalable and reliable SoCs, focusing on versatile applications across sectors such as automotive and smart devices.
Shashwath pointed out that many foreign chips do not cater to the specific needs of the Indian ecosystem. He stated, “We are working with OEMs to provide SoCs with local support, including user manuals that are accessible and easily understood. This initiative will reduce both time to market and development costs.”
Mindgrove is set for expansion, actively hiring across various departments, including business, engineering, and applications. Sailesh Ramakrishnan of Rocketship.vc noted, “Mindgrove Technologies represents the future of India’s technology sector, with its innovative solutions tailored for a rising India.”
Vishesh Rajaram from Speciale Invest commended Mindgrove’s innovative approach, stating, “Their Secure IoT SoC exemplifies innovation and cost-efficiency, addressing the domestic and global demand for high-performance microcontrollers. The funding will further accelerate product development, strengthening India’s position in the semiconductor space.”
The startup is supported by the IITM Pravartak Technologies Foundation and the IIT Madras Incubation Cell, focusing on high-performance SoCs at competitive prices for both Indian and international markets. Earlier this year, Mindgrove attracted $2.325 million in seed funding from Peak XV Partners, Speciale Invest, and Whiteboard Capital, solidifying its funding foundation and future growth prospects.
The semiconductor industry is critical to modern technology, powering everything from consumer electronics to automotive systems. In India, the demand for high-performance semiconductor solutions is growing, driven by increased connectivity and the development of smart devices. Startups like Mindgrove Technologies, with their innovative designs and local support, are positioned to contribute significantly to this sector. The government support through incentivization schemes further encourages domestic semiconductor manufacturing, fostering a robust ecosystem for tech companies in India.
Mindgrove Technologies is at the forefront of India’s semiconductor development, having secured substantial funding to enhance its engineering capabilities and product offerings. With the successful launch of its Secure IoT SoC and government support for further initiatives, Mindgrove is well-positioned to meet the rising demand for high-performance chips in various technology sectors. The company’s focus on localization ensures that it can provide tailored solutions for Indian manufacturers, potentially transforming the semiconductor landscape in the region.
Original Source: www.business-standard.com
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