Mindgrove Technologies raises $8M in Series A funding
The Chennai-based company plans to use the investment to expand its workforce and enhance in-house engineering capabilities. The investment will also accelerate production and sales of its first chip.
Indian fabless chip design startup Mindgrove Technologies has raised USD 8 million in a Series A funding round.
The round was co-led by Rocketship.vc and Speciale Invest, with participation from Mela Ventures and existing investors Peak XV Partners, Nishchay Goel and Whiteboard Capital along with new participation from Anshul Goel, according to a media release.
The Chennai-based company plans to use the investment to expand its workforce and enhance in-house engineering capabilities. The investment will also accelerate production and sales of its first chip.
In May 2024, Mindgrove launched ‘Secure IoT’ — India’s first commercial-grade high-performance microcontroller System-on-Chip (SoC) taped out at 28 nm. The chip is due to be introduced in the market by mid-2025.
Earlier this year, Mindgrove received approval under the Government of India’s semiconductor Design-Linked Incentive (DLI) scheme for developing a new chip, Vision SoC, meant for high-performance edge computing and vision processing applications — CCTV cameras, dashcams, video recorders, advanced driver assistance systems (ADAS) and smart TVs, according to media reports.
“The recent investment and the DLI scheme reaffirms confidence in our thesis and capabilities,” said Shashwath T R, CEO of Mindgrove Technologies. “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.”
“Mindgrove Technologies represents the future of India’s technology sector, with its innovative solutions tailored for the needs of a rising India,” said Sailesh Ramakrishnan, managing partner at Rocketship.vc.
“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,” Vishesh Rajaram, managing partner at Speciale Invest. “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.”
