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Mindgrove Technologies, Chennai-based fabless semiconductor design startup, has now raised $8 million as part of its Series A funding round. The investors who co-led the funding round are Rocketship.vc and Speciale Invest with participation from Mela Ventures, existing investors Peak XV Partners, Nishchay Goel, Whiteboard Capital, and new investor Anshul Goel.
Company Overview
Mindgrove Technologies is founded in 2021 by Sharan Jagathrakshakan and T.R. Shashwath, specializes in designing innovative SoC solutions. The company is incubated by IITM Pravartak Technologies Foundation and IIT Madras Incubation Cell, where the academics are driving technological advancement.
Mindgrove is focused on developing high-performance, cost-effective, and reliable SoCs for various sectors, including consumer electronics, automotive, and defense. Their products are designed to be efficient in power-constrained environments, catering to the increasing demand for smart, connected devices.
Funding Details
The $8 million infusion will be strategically allocated to:
- Workforce Expansion: Scaling the team to enhance in-house engineering capabilities, fostering innovation and accelerating product development.
- Product Development: Speed up the development and launch of Mindgrove’s first chip, “Secure IoT,” with a market launch expected by mid-2025.
- Technological Advancements: Research and development to develop new SoC solutions that can be applied to various applications.
This funding round follows a previous seed investment of $2.325 million secured in early 2023 from Peak XV Partners, Speciale Invest, and Whiteboard Capital, bringing the total capital raised to over $10 million
Product Portfolio
Mindgrove has made significant strides in semiconductor innovation with products like:
Secure IoT: It is billed as India’s first commercially available high-performance microcontroller SoC. The Secure IoT is meant for electronic devices morphing into smart connected devices such as smart watches, meters, locks, and access control units. The company is looking to release the chip by mid-2020
Vision SoC: An upcoming high-performance edge computing and vision processing chip that will be primarily targeted towards applications like surveillance in CCTV cameras, in-car recorders for automobiles (dashcams), DVRs/video recorders, advanced driver-assistance systems of automobiles (ADAS), smart TVs among others. Mindgrove was awarded an approval of Rs.15 crore under DLI – Semiconductor Design of the Government of India on the same.
Market Position and Strategy
Being a fabless semiconductor company, Mindgrove focuses on design and development while outsourcing manufacturing. This model allows the company to concentrate on innovation and adaptability, responding swiftly to market demands without the overhead of maintaining fabrication facilities.
By aligning product development with the “Make in India” initiative, Mindgrove is planning to reduce its dependence on imported semiconductors, thus enhancing the country’s technological self-reliance. Their SoCs are based on the RISC-V-based SHAKTI open-source processor program, which provides flexibility and scalability.
Industry Context
The global semiconductor industry is experiencing unprecedented growth, driven by the proliferation of smart devices and the Internet of Things (IoT). India’s semiconductor market is projected to reach $64 billion by 2026, presenting substantial opportunities for domestic players like Mindgrove.
Government schemes like the DL (DLI) plan assist the startups by means of funding, promoting indigenous development, and innovative concepts and indigenous technologies. An important example is the Government approving Mindgrove’s “Vision SoC” from DLI.
Future Prospects
Once funded and supported by the government, Mindgrove has much to look out for:
- Launch Secure IoT: Complete its development and begin commercial sale of the Secure IoT chip by mid-2025 to capture the growing market for smart connected devices.
- Develop Vision SoC: Advance its work on the Vision SoC program, building on the approval of the DLI scheme to take high-performance edge computing solutions to market.
- Expand Team: Expand its workforce to over 100 employees in two years, increasing its capabilities in engineering and development.
Expand Market Penetration: Mindgrove can penetrate newer market segments and geographies, positioning it as a global player in the semiconductor industry.