December 24, 2024: System on Chip (SoC) design startup Mindgrove Technologies, has unveiled plans to invest $8 million, to build new talent, strengthen in-house engineering capabilities, production and sales of its first chip.
Earlier in May, the startup launched Secure IoT, a high-performance commercial-grade microcontroller SoC (System-on-Chip), which is designed for electronic devices transforming into smart, connected products – such as watches, meters, locks, and access control units, along with printers and PoS machines. The chip is expected to be tapped out into the market by middle of 2025.
Shashwath T R, CEO of Mindgrove Technologies, said “The recent investment and the DLI scheme reaffirms confidence in our thesis and capabilities. The demand in India for high-performance SoCs with essential features for security and edge-compute 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 Receives INR 15Cr Support from Government of India DLI Scheme
Mindgrove has also got the approval for Rs 15 crore under the Government of India’s Semiconductor Design Linked Incentive (DLI) scheme to develop its new chip, “Vision SoC.” This chip is designed for high-performance edge computing and vision processing applications, including CCTV cameras, dashcams, video recorders, ADAS, smart TVs, among others.
“We are proud to further strengthen our partnership with Mindgrove Technologies in their mission to revolutionise the global semiconductor industry with cutting-edge, indigenously designed solutions,” Vishesh Rajaram, Managing Partner at Speciale Invest, said.
Mindgrove Technologies, incubated by IITM Pravartak Technologies Foundation and IIT Madras Incubation Cell, is actively grwowing its talent strength across all vital areas of business, including business, engineering, product, and applications.
“Mindgrove Technologies represents the future of India’s technology sector, with its innovative solutions tailored for the needs of a rising India,” said Sailesh Ramakrishnan, Managing Partner at Rocketship.vc.
Founded by Shashwath TR and Sharan Srinivas J, System on Chip (SoC) design startup builds high-performance SoCs with advanced features at competitive prices for both Indian and global markets.
In early 2023, the startup raised $2.325 million in seed funding from Peak XV (formerly Sequoia Capital India & SEA), Speciale Invest, and Whiteboard Capital.
The latest in Series A funding investment round was co-led by rocketship.vcand Speciale Invest, with participation from Mela Ventures, existing investors Peak XV, Nishchay Goel, and Whiteboard Capital, as well as new investor Anshul Goel.
