Chennai-based startup Mindgrove Technologies has hit the headlines lately in the semiconductor segment. It has secured $8 million in a Series A funding round and it is believed to be a remarkable leap from seed funding in early 2023. The investment was led by Rocketship.vc and Speciale Invest equipped with more contributions from Mela Ventures, Peak XV Partners, Whiteboard Capital and angel investors Nishchay Goel and Anshul Goel.
The funding is timely as Mindgrove is gearing up for the commercial launch of its Secure IoT microcontroller chip and probably by mid-2025. The 28 nm chip was introduced as a prototype in 2023 and it is basically designed for devices like wearables, printers as well as point-of-sale machines. It is a good example to know the way Indian startups are stepping up to meet the demand for locally designed and manufactured chips.
The innovative focus of Mindgrove is even beyond IoT and it has received ₹15 crore under the Indian government’s Design Linked Incentive (DLI) scheme. The funding supports development of their Vision SoC, which is a chip for powering high-performance edge computing devices like CCTV cameras and dashcams. The initiatives align well with broader goals of India to reduce reliance on imports by strengthening semiconductor ecosystem in the country.
The journey of startup is deeply rooted in the IIT-Madras ecosystem as ample support and resources have been provided to help it grow. Mindgrove is focusing on critical hires in engineering and sales with plans to expand its team from 40 to 100 employees over the next two years.
Mindgrove stands out for its ability to attract top-tier investors and government support while simultaneously maintaining a strong focus on innovation. The combination of factors places it in a unique position to lead India’s semiconductor revolution.
