Semiconductor Design Startup Mindgrove Technologies Raises USD 8Mn According to the founders, the funds will be used for the commercial launch of its Secure IoT microcontroller SoC, team expansion, and enhancing its engineering capabilities further
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Mindgrove, a Chennai-based semiconductor start-up, has raised USD 8 million in Series-A funding. The funding round was led by rocketship.vc and Speciale Invest, with participation from Mela Ventures and existing investors, including Peak XV, Nishchay Goel, and Whiteboard Capital. Anshul Goel also joined as a new investor.
Mindgrove was co-founded in 2011 by Shashwath and Sharan Srinivas Jagathrakshakan. The company is developing high-performance SoCs (system-on-chips) for the Indian and global markets at attractive prices. According to the founders, the funds will be used for the commercial launch of its Secure IoT microcontroller SoC, team expansion, and enhancing its engineering capabilities further.
In addition to this funding, Mindgrove has been granted USD 15 crore under India's Design Linked Incentive (DLI) scheme to develop a Vision SoC for edge computing.
"The recent investment and the DLI scheme reaffirm confidence in our thesis and capabilities. The demand in India for high-performance SoCs with essential features for security and edge computing is growing. We have been actively working towards meeting this need and have made progress in bringing designed-in-India chips to the market," said Shashwath T R, CEO of Mindgrove Technologies.
Mindgrove has already launched a prototype of its Secure IoT chip, with commercial sales expected by mid-2025. The company, supported by IITM Pravartak Technologies Foundation and IIT Madras Incubation Cell, plans to grow its workforce from 40 to 100 employees over the next two years.
"We are proud to further strengthen our partnership with Mindgrove Technologies in their mission to revolutionize the global semiconductor industry with cutting-edge, indigenously designed solutions," added Vishesh Rajaram, Managing Partner at Speciale Invest.
"Mindgrove Technologies represents the future of India's technology sector, with its innovative solutions tailored for the needs of a rising India," further Sailesh Ramakrishnan, Managing Partner at Rocketship.vc added.
