Fabless semiconductor design startup Mindgrove raised $8 M Series A funding
Rocketship.vc and Speciale Invest co-led a $8 million Series A funding round for Mindgrove Technologies, a startup focused on fabless semiconductor design. Mela Ventures and current investors Peak XV Partners, Nishchay Goel, Whiteboard Capital, and Anshul Goel also participated in the round.
Early in 2023, the Chennai-based startup received $2.325 million in seed funding from Whiteboard Capital, Speciale Invest, and Peak XV Partners (formerly Sequoia Capital India & SEA).
According to a press release from Mindgrove, the money raised will be used to increase the company’s workforce, improve its internal engineering capabilities, and speed up the first chip’s production and sales.
Incubated by the IITM Pravartak Technologies Foundation and the IIT Madras Incubation Cell, Mindgrove was co-founded in 2022 by Sharan Jagathrakshakan and T.R. Shashwath. For the Indian and international markets, the company creates high-performance SoCs with cutting-edge features at affordable costs.
Mindgrove claims to have introduced “Secure IoT,” a high-performance microcontroller SoC (System-on-Chip) taped out at 28 nm that is of commercial grade. designed to power devices like printers and PoS machines, as well as electronic devices that are evolving into “smart” connected devices like watches, meters, locks, and access control units. By the middle of 2025, the chip should be on the market.
In order to develop a new chip, called “Vision SoC,” for high-performance edge computing and vision processing applications, such as CCTV cameras, dashcams, video recorders, ADAS, smart TVs, and more, Mindgrove claims to have received approval under the Government of India’s Semiconductor Design Linked Incentive (DLI) scheme, worth Rs 15 crore.
