Mindgrove is a fabless semiconductor startup that raised $8 million from Rocketship.vc and Speciale Invest in its series A funding round. Meal Ventures with the firm’s existing investors Peak XV Partners, Whiteboard Capital, Nishchay, and Anshul Goel also participated in the round. The company plans to use these fresh proceeds to scale its operation, enhance its in-house engineering capabilities, expand its team, and accelerate production while developing its market presence.
The startup intends to use some of this investment for the sale of its first chip, expand its services, and launch innovative solutions. The firm manufactures SoC chips that can be used in various sectors. The company serves its solutions across multiple industries including consumer electronics, automotive, and defense. Mindgrove Technologies has raised over 2.35 million USD across two funding rounds since its inception. The firm secured $2.35 million in its seed funding round from Speciale Invest, Peak XV Partners, and other investors.
The company is building a high-performance SoC with advanced features for the Indian market. Mindgrove claims to have launched “secure IoT” which is a commercial-grade high-performance microcontroller chip for electronic devices. The SoC is mainly for devices transforming into smart connected devices like locks and watches. It also works with powering devices like PoS machines. This chip is expected to be in the market by mid-2025.
The startup will focus on serving clients across various sectors while enhancing its technologies. The firm’s program includes open-source processors and development boards with SoCs. The Chennai-based company recently got approval for the Government of India’s semiconductor Design Linked Incentive Scheme. The firm received Rs 15 crore for developing a new chip “Vision SoC”. This chip is aimed at high-performance edge computing and vision processing applications like CCTV Cameras, video recorders, and smart TVs.
Mindgrove aims to revolutionize the semiconductor market while providing fabless system-on-chips across India. The development came when Indian Semiconductor chip manufacturers saw increased investor interest. The Indian semiconductor market was recorded at 33 billion USD in 2023. This market is expected to grow and reach $10 billion in the next six years and the global semiconductor market is expected to reach $1 trillion in the same duration.
The investment shows investor’s trust in Mindgrove Technology’s market potential and business model. This new funding will enable the company to develop innovative solutions for market expansion and enhance the performance capability of the SoCs. The company faces competition from other SoC manufacturers such as Eta Compute, CPU technology, and ChipWrights. The company plans to transform the semiconductor market and provide innovative SoC solutions.
Conclusion :
Mindgrove is a fabless semiconductor design startup that secured 8 million USD in a series A funding round led by Speciale Invest and Rocketship.vc. The company intends to use this fresh capital to scale its production, enhance its engineering capabilities, and sell of first chip while expanding its network. The startup manufactures Soc semiconductor solutions for industries like automotive, defense, and consumer electronics.
This semiconductor firm received approval from government schemes, under which it secured Rs 1 crore to design a new chip “ vision SoC”. The company faces competition from other fabless semiconductor companies in the same market segment such as Eta Compute.
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