Mindgrove Technologies Secures $8M to Boost Semiconductor Design.

Mindgrove Technologies, a fabless semiconductor design startup, has raised $8 million in a Series A funding round, co-led by Rocketship.vc and Speciale Invest for innovating Secure IoT SoC and Vision SoC for smart devices, aiming to capture global markets with cutting-edge solutions.

This milestone positions the Chennai-based company to accelerate its mission of transforming global smart device technology. Other participants in the round included Mela Ventures, Peak XV Partners, Nishchay Goel, Whiteboard Capital, and Anshul Goel.

The fresh capital will fuel Mindgrove’s expansion, enabling the startup to grow its workforce and enhance its engineering capabilities. Additionally, the funds will support the production and sales of its flagship microcontroller, the Secure IoT SoC. This high-performance chip is designed for smart devices. It delivers flexibility, security, and superior computing power at an estimated 30 percent lower cost than competitors.

In parallel, Mindgrove’s innovative efforts have received a boost from the Indian government. The startup secured approval for a $1.8 million (INR 15 Cr) incentive under the Semiconductor Design Linked Incentive (DLI) scheme to develop its upcoming Vision SoC. This cutting-edge chip aims to power applications like CCTV cameras, dashcams, and advanced driver-assistance systems (ADAS).

Mindgrove Pioneering Technology for Smart Devices

Founded in 2021 by Sharan Srinivas Jagathrakshakan and Shashwath TR, Mindgrove is incubated by IITM Pravartak Technologies Foundation and IIT Madras Incubation Cell. The company specializes in high-performance System-on-Chip (SoC) designs tailored for global markets. Its Secure IoT SoC, fabricated at 28nm, is engineered to elevate devices such as smartwatches, power meters, and printers into intelligent, connected systems.

“The recent investment and the DLI scheme reaffirm confidence in our thesis and capabilities. The demand in India for high-performance SoCs with essential security and edge computing features 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’s CEO Shashwath TR said.

The Vision SoC, slated for market release by mid-2025, will target high-performance edge computing and vision processing. As smart device adoption surges globally, Mindgrove’s chips are poised to capture a significant share of the projected $116.4 billion smart devices market within five years.

Riding the Semiconductor Wave

Mindgrove’s latest funding round follows a $2.3 million seed investment in early 2023 led by Peak XV Partners and Speciale Invest. The company’s growth aligns with broader trends in India’s semiconductor industry, where startups like Netrasemi and C2i Semiconductors have attracted significant funding.

India’s push to establish itself as a semiconductor hub is gaining momentum. The government’s India Semiconductor Mission has greenlit five semiconductor plants with investments totaling INR 1.52 lakh crore. Venture capital firms, including growX ventures, are doubling down on this sector, signaling a bullish outlook for homegrown semiconductor innovation.

With its robust technological foundation and strong financial backing, Mindgrove Technologies is well-positioned to redefine the semiconductor landscape. As global demand for innovative and secure devices grows, the startup’s groundbreaking SoCs promise to deliver unmatched performance and affordability, cementing its place as a key player in the global semiconductor ecosystem.

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