Highlights
Mindgrove Technologies Secures $8 Million in Series A Funding
Mindgrove Technologies, a fabless semiconductor design startup, has successfully raised $8 million in a Series A funding round co-led by Rocketship.vc and Speciale Invest. This funding round also saw contributions from Mela Ventures and existing investors including Peak XV Partners, Nishchay Goel, Whiteboard Capital, and Anshul Goel.
Based in Chennai, Mindgrove had previously obtained $2.325 million in seed funding from Peak XV Partners (formerly Sequoia Capital India & SEA), Speciale Invest, and Whiteboard Capital in the early part of 2023.
The funding proceeds will be directed towards:
- Expanding the company’s workforce.
- Enhancing in-house engineering capabilities.
- Accelerating the production and sales of their first chip.
Company Overview
Mindgrove was co-founded in 2022 by Sharan Jagathrakshakan and T.R. Shashwath and is incubated by IITM Pravartak Technologies Foundation and IIT Madras Incubation Cell. The company focuses on designing high-performance SoCs (System-on-Chips) that feature advanced capabilities at competitive prices, targeting both the Indian and global markets.
Product Launch: Secure IoT
Mindgrove has introduced “Secure IoT,” a commercial-grade, high-performance microcontroller SoC developed using a 28nm process. This microcontroller is intended for use in various electronic devices that are evolving into connected “smart” devices. Applications include:
- Smartwatches
- Meters
- Locks
- Access control units
- Devices like printers and PoS machines
The chip is expected to enter the market by mid-2025.
Government Support
Mindgrove has also received approval under the Government of India’s Semiconductor Design Linked Incentive (DLI) scheme, securing funding of Rs 15 crore for the development of its new chip, “Vision SoC.” This chip is designed for high-performance edge computing and vision processing applications, including:
- CCTV cameras
- Dashcams
- Video recorders
- Advanced Driver Assistance Systems (ADAS)
- Smart TVs
