Mindgrove Technologies, a Chennai-based fabless semiconductor design startup, has successfully raised $8 million in a Series A funding round. The round was co-led by Rocketship.vc and Speciale Invest, with additional participation from Mela Ventures and existing investors Peak XV Partners, Nishchay Goel, Whiteboard Capital, and Anshul Goel.
This funding milestone follows an earlier seed round in early 2023, where Mindgrove secured $2.325 million from Peak XV Partners (formerly Sequoia Capital India & SEA), Speciale Invest, and Whiteboard Capital.
The fresh capital will be used to expand Mindgrove’s workforce, enhance its in-house engineering capabilities, and accelerate the production and sales of its debut chip.
Founded in 2021 by Sharan Jagathrakshakan and T.R. Shashwath, Mindgrove operates under the incubation of IITM Pravartak Technologies Foundation and IIT Madras Incubation Cell. The company focuses on designing high-performance System-on-Chips (SoCs) with advanced features tailored for Indian and global markets at competitive prices.
Mindgrove’s flagship product, “Secure IoT,” is a commercial-grade high-performance microcontroller SoC fabricated at 28nm. This innovative chip is designed to power smart connected devices such as smartwatches, meters, locks, access control units, printers, and PoS machines. The chip is expected to hit the market by mid-2025.
In addition to its first product, Mindgrove is developing the “Vision SoC,” a high-performance chip for edge computing and vision processing applications. These include CCTV cameras, dashcams, video recorders, ADAS, smart TVs, and more. This initiative has received a Rs 15 crore grant under the Government of India’s Semiconductor Design Linked Incentive (DLI) scheme.
Mindgrove’s groundbreaking innovations in semiconductor technology and its commitment to competitive pricing have positioned the company as a promising player in both Indian and global markets.
