[Funding News] iVP Semi Secures $5 Mn in Pre-Series A Funding Round

iVP Semi has successfully raised $5 million in pre-Series A fundraising. The funds will be used to establish a strong presence in India, expand operations, establish testing facilities, and launch marketing efforts.

Raja Manickam, known for his groundbreaking contributions in the field of semiconductor engineering, has just founded iVP Semi. This fabless semiconductor business aims to support Indian system companies by producing chips locally. iVP Semi's primary objective is to foster local innovation and development by leveraging its robust system design expertise. This will support chip makers and suppliers, empowering Indian enterprises to effectively compete both domestically and internationally.

As a component of this strategic plan, iVP Semi is establishing chip design centers in Chennai and Bangalore, while also acquiring product intellectual property through licensing agreements with companies in Taiwan, Japan, and the US. Although our company operates with few assets and does not manufacture chips directly, we will handle the testing of chips and modules ourselves. iVP Semi is collaborating with the Tamil Nadu State Government to establish a 20,000-square-foot manufacturing test facility in Chennai.

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Another test facility will soon be established at a different site in South India. The Chennai factory is scheduled to be completely operational by October 2024. It will include in-house capabilities spanning from design to testing, guaranteeing the production of high-quality products, and providing superior post-delivery support. In addition, it will include discrete and power module testing, as well as reliability and safety certification centers, in order to decrease the time it takes for iVP Semi customers to bring their products to market.

iVP Semi's primary focus in India will be on serving the local Renewables, EV, and Automotive industries. The company's objective is to attain a revenue range of $70 million to $100 million within the next two to three years.

Raja Manickam, Founder & CEO, iVP Semi, said: “As a startup, iVP Semi recognizes the challenges faced by Indian semiconductor startups that aimed for the global market from the outset. Many struggled to survive due to the time and financial resources required to compete with established giants. Hence, our mission is to localize semiconductor chip production, empowering Indian companies to improve product development cycles and achieve greater technological autonomy. This approach not only ensures tighter control over the chip supply chain but also fosters an environment where semiconductor ecosystem partners are encouraged to establish a local presence. We envision a ripple effect where technology solutions developed by Indian companies will address global challenges, benefiting everyone.”

About iVP Semi

Founded in 2024 by Raja Manickam, iVP Semi empowers Indian companies to compete both locally and globally. Driven by a mission to democratize semiconductor manufacturing, iVP Semi is building robust, cost-effective solutions for sectors including Solar/Renewable Energy, Electric Vehicles, and more. iVP Semi guarantees supply chain efficiency and stringent quality controls.

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