Chennai-based Mindgrove Technologies, a fabless semiconductor design startup, has secured ₹64 crore (roughly $8 million) in its Series A funding round.
The investment was jointly led by Rocketship.vc and Speciale Invest, with additional backing from Mela Ventures and returning investors, including Peak XV Partners, Nishchay Goel, Whiteboard Capital, and Anshul Goel.
Semiconductor Startup Bags Major Investment
This comes after Mindgrove raised $2.35 million in seed funding earlier in 2023, supported by Peak XV Partners (formerly Sequoia Capital India & Southeast Asia), Speciale Invest, and Whiteboard Capital.
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Founded in 2022 by Sharan Jagathrakshakan and T.R. Shashwath, the startup operates under the incubation of IITM Pravartak Technologies Foundation and IIT Madras Incubation Cell. Mindgrove specializes in developing advanced and scalable system-on-chips (SoCs) under its Mindgrove Silicon brand, targeting customers in India and abroad.
Top Executive Opines on the Investment
CEO T.R. Shashwath explained, “We collaborate with OEMs to provide SoCs accompanied by clear, accessible documentation such as data sheets and user manuals. This helps reduce both the time and cost of product development.”
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With its latest funding, the company plans to strengthen its team across business, engineering, product, and application roles to drive growth and continue pushing innovation.
