February 14, 2025
Startup Updates

Mindgrove Technologies Secures $8 Million in Series A Funding to Drive Semiconductor Innovation

Mindgrove Technologies, a Chennai-based fabless semiconductor design startup, has successfully raised $8 million in its Series A funding round.

The funding was co-led by Rocketship.vc and Speciale Invest, with additional participation from prominent investors such as Mela Ventures, Peak XV Partners, Nishchay Goel, Whiteboard Capital, and Anshul Goel.

The newly raised funds will empower Mindgrove Technologies to scale its workforce, enhance its engineering capabilities, and expedite the production and commercialization of its debut chip. This marks a significant step forward for the company as it aims to deliver cutting-edge semiconductor solutions for both Indian and global markets.

In a press release, the company revealed its plans to channel these resources toward strengthening its R&D and boosting the production timeline of its first chip, targeting a market launch by mid-2025.

Mindgrove previously raised $2.325 million in seed funding in early 2023, backed by Peak XV Partners, Speciale Invest, and Whiteboard Capital. This Series A funding builds on the company’s steady momentum as it continues to innovate in the semiconductor sector.

Founded in 2021 by Sharan Jagathrakshakan and T.R. Shashwath, Mindgrove Technologies operates under the incubation of IITM Pravartak Technologies Foundation and IIT Madras Incubation Cell. The startup specializes in designing high-performance SoCs (System-on-Chip) that combine advanced functionality with cost-efficiency.

Mindgrove’s flagship innovation, the “Secure IoT” microcontroller SoC, is designed for smart, connected devices such as wearables, meters, and access control units. It also supports devices like printers and PoS machines, positioning itself as a versatile solution for the growing IoT landscape.

Additionally, the company has earned approval under the Government of India’s Semiconductor Design Linked Incentive (DLI) scheme, securing Rs 15 crore for the development of its upcoming “Vision SoC.” This new chip is targeted at high-performance edge computing and vision processing, with applications ranging from CCTV cameras to advanced driver-assistance systems (ADAS) and smart TVs.

The Series A funding round underscores the growing interest in India’s semiconductor ecosystem, with Mindgrove Technologies leading the charge in innovation. The company’s cutting-edge designs and focus on smart connectivity place it at the forefront of India’s semiconductor design industry.

As Mindgrove Technologies accelerates its production timeline and expands its offerings, it is well-positioned to capitalize on the increasing global demand for advanced, cost-effective semiconductor solutions. The startup’s vision aligns with India’s push for self-reliance in semiconductor manufacturing, making it a key player in the nation’s tech-driven future