Chip Design Start-Up Mindgrove Secures $8M to Launch First Chip by Mid-2025.
Summary
Chip Design Start-Up Mindgrove Secures $8M to Launch First Chip by Mid-2025.Chennai-based fabless semiconductor design start-up Mindgrove Technologies has secured $8 million in a Series A funding round, significantly boosting its valuationreported to be nearly four times higher than its seed round in early 2023. Earlier this year, Mindgrove introduced the prototype of Secure IoT, a 28 nm chip designed for smart connected devices such as watches, meters, access control units, printers, and point-of-sale machines. Speaking to BusinessLine, CEO Shashwath T R highlighted the challenges of scaling production due to the chicken-and-egg nature of securing orders. The company plans to grow its current 40-member team to 100 employees within two years, adding sales and marketing professionals for Secure IoT and technical experts for Vision SoC and other upcoming projects. Vishesh Rajaram, Managing Partner at Speciale Invest, praised Mindgroves Secure IoT as a benchmark for innovation and cost-efficiency in addressing global and domestic demand for high-performance microcontrollers.