Semiconductor Chip Startup Mindgrove Technologies Secures Rs 64 Crore Series A Funding

Chennai-based semiconductor design company Mindgrove Technologies has secured Rs 64 crore in Series A funding to advance its mission of developing homegrown chip solutions. The investment round, co-led by Rocketship.vc and Speciale Invest, attracted participation from Mela Ventures, existing investors Peak XV Partners, and others.

The fresh capital will fuel Mindgrove's expansion plans, including strengthening its engineering capabilities and accelerating the production and sales of its inaugural chip. The company is recruiting across multiple departments to support its ambitious growth trajectory.

During Mindgrove's funding journey, they raised $2.35 million in seed funding in early 2023. Founded in 2022 by Sharan Jagathrakshakan and T.R. Shashwath and incubated at IITM Pravartak Technologies Foundation, Mindgrove has quickly established itself in India's emerging semiconductor landscape.

The company is developing scalable System-on-Chips (SoCs) to meet domestic and international market demands. A key focus of their approach is providing comprehensive support to original equipment manufacturers (OEMs), including detailed documentation in accessible formats to reduce development time and costs.

Mindgrove scaled new heights in May 2024 with the launch of 'Secure IoT,' which is India's first commercial-grade high-performance microcontroller SoC. And with the latest funding round, the focus is back again on the company to launch new chips and ramp up production.