The fabless semiconductor design firm Mindgrove Technologies announced that it has raised $8 million in its Series A fundraising round.
In addition to Mela Ventures, current investors Peak XV Partners, Nishchay Goel, and Whiteboard Capital, as well as newcomer Anshul Goel, the round is co-led by Rocketship.vc and Speciale Invest.
The company plans to increase its own engineering capabilities and staff size with this capital expenditure. Additionally, the investment will speed up its initial chip's manufacturing and sales.
The business introduced "Secure IoT," India's first commercially available high-performance microcontroller System-on-Chip (SoC) put out at 28 nm, earlier in May 2024.It is intended to power devices like printers and point-of-sale (PoS) machines, as well as electronic gadgets that are evolving into "smart" linked devices like watches, meters, locks, and access control units. By the middle of 2025, the chip should be on the market.
Additionally, Mindgrove was approved to build a new chip called Vision SoC under the Government of India's semiconductor Design-Linked Incentive (DLI) initiative, which is worth Rs 15 crore. CCTV cameras, dashcams, video recorders, advanced driver assistance systems (ADAS), and smart TVs are among the devices intended for high-performance edge computing and visual processing applications.
"The DLI scheme and the recent investment reaffirm confidence in our thesis and capabilities," stated Mindgrove Technologies CEO Shashwath T R.
"High-performance SoCs with critical features for edge computing and security are becoming more and more in demand in India," he continued. "We have made strides in introducing designed-in-India chips to the market and have been actively pursuing this goal."
