Mindgrove Technologies, a fabless semiconductor design startup based in Chennai, has recently announced that it has raised $8 million in a Series A funding round. The funding was co-led by Rocketship.vc and Speciale Invest, with participation from Mela Ventures, Peak XV Partners, Nishchay Goel, Whiteboard Capital, and Anshul Goel.
The company plans to use the funds to expand its workforce, enhance its in-house engineering capabilities, and accelerate the production and sales of its first chip. Mindgrove’s CEO, Shashwath T R, stated that the recent investment and the DLI scheme (Design Linked Incentive) reaffirm the company’s capabilities and thesis.
Earlier this year, Mindgrove introduced Secure IoT, India’s first commercial-grade high-performance microcontroller System-on-Chip (SoC) taped out at 28nm. This chip is designed for smart devices such as watches, meters, locks, access controls, printers, and PoS machines, and is expected to hit the market by mid-2025.
In addition to the funding, Mindgrove also secured INR 15 crore under the Indian government’s DLI scheme to develop Vision SoC, a high-performance edge computing chip for applications like CCTV cameras, dashcams, ADAS, and smart TVs. The company plans to release a prototype for its Vision SoC by next year.
Sailesh Ramakrishnan, Managing Partner at Rocketship.vc, stated that Mindgrove Technologies represents the future of India’s technology sector, and they are excited to support their journey towards technological excellence with innovation, scalability, and execution. Vishesh Rajaram, Managing Partner at Speciale Invest, also highlighted the significance of Mindgrove’s work, stating that their Secure IoT SoC exemplifies innovation and cost-efficiency.
The company plans to expand its team across various departments, including business, engineering, product, and applications, to solidify its position in India’s growing semiconductor landscape. With this funding, Mindgrove Technologies is well-positioned to continue its growth and contribute to the development of India’s technology sector.
