Semiconductor Startup Mindgrove Raises $8 Mn In Series A Funding

Mindgrove Technologies, a fabless semiconductor design startup, has secured $8 million in a Series A funding round led by Rocketship.vc and Speciale Invest.

The round also saw participation from Mela Ventures, existing investors Peak XV Partners, Nishchay Goel, Whiteboard Capital as well as new investor Anshul Goel.

The company plans to use the funds to grow its workforce, improve in-house engineering, and speed up the production and sales of its first chip.

The company also got approval for ₹15 crore under the Government of India’s semiconductor Design-Linked Incentive (DLI) scheme to develop a new chip, Vision SoC. This chip is designed for high-performance edge computing and vision processing in devices like CCTV cameras, dashcams, video recorders, advanced driver assistance systems (ADAS), and smart TVs.

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Shashwath TR, CEO at Mindgrove, said,  “The recent investment and the DLI scheme reaffirms 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.”

Vishesh Rajaram, managing partner at Speciale Invest, said, “Their successfully taped-out Secure IoT SoC exemplifies innovation and cost-efficiency, addressing both domestic and global demand for high-performance microcontrollers. With the approval from MeitY under the DLI Scheme, Mindgrove is now developing a second RISC-V SoC aimed at high-performance edge computing and video processing for applications like CCTV cameras, dashcams, automotive ADAS, and smart TVs. The latest round of funding will enable it to accelerate product development and market entry, further driving India's leadership in the global semiconductor landscape.”

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Sailesh Ramakrishnan, managing partner at Rocketship.vc, said, “Mindgrove Technologies represents the future of India’s technology sector, with its innovative solutions tailored for the needs of a rising India.” 

Its Secure IoT SoC, a 700 MHz high-performance microcontroller, offers programmability, flexibility, security, and superior computing power at approximately 30% lower cost than similar chips on the market.

IITM Pravartak Technologies Foundation and IIT Madras Incubation Cell support the startup. Mindgrove designs high-performance SoCs with advanced features at affordable prices for both Indian and global markets.

In Febrary 2023, Mindgrove Technologies raised $2.325 million in seed funding round from Peak XV Partners (formerly Sequoia Capital India & SEA), Speciale Invest, and Whiteboard Capital. 

About Mindgrove Technologies

Mindgrove, founded in 2021 by Shashwath T. R. and Sharan Srinivas J., is based at the IIT Madras Research Park in Chennai. The company designs advanced, scalable, and reliable SoCs in India under the brand Mindgrove Silicon.

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