Mindgrove Technologies Secures $8 Million to Advance Secure IoT Chip Development and Expand Operations

• Chinmay
• December 25, 2024
• Internet of Things, News, Semiconductor Industry
• adas, edge computing, Fabless Design, Indian Startups, IoT Chips, Mindgrove Technologies, Secure IoT Chip, Semiconductor Industry, Semiconductor Revolution, smart devices, Vision SoC
• 0 Comments

Chennai-based fabless semiconductor design startup, Mindgrove Technologies, has successfully raised $8 million in its Series A funding round. The funding was co-led by Rocketship.vc and Speciale Invest, with participation from Mela Ventures, Peak XV Partners, Whiteboard Capital, Nishchay Goel, and new investor Anshul Goel.

The funding will enable Mindgrove to fast-track the commercial production of its flagship Secure IoT chip, expand its workforce, and enhance its engineering capabilities. Secure IoT, India’s first high-performance microcontroller System-on-Chip (SoC) developed using 28 nm technology, is designed for applications in smart devices such as smartwatches, utility meters, printers, and point-of-sale (PoS) machines. These connected devices require robust and secure chips, and Mindgrove aims to meet this demand.

Launched in May 2024, the Secure IoT chip is expected to hit the market by mid-2025. This development marks a major milestone in India’s semiconductor industry, which is increasingly focused on homegrown solutions to address domestic and global demand.

In addition to the Series A funding, Mindgrove has secured ₹15 crore under the Indian Government’s Design-Linked Incentive (DLI) scheme. This funding supports the development of the Vision SoC, a chip designed for high-performance edge computing and vision processing. Applications for the Vision SoC include CCTV cameras, dashcams, advanced driver assistance systems (ADAS), and smart TVs, further expanding Mindgrove’s product portfolio.

Founded by Shashwath T R and Sharan Srinivas J, and headquartered at the IIT Madras Research Park, Mindgrove Technologies is focused on designing reliable and scalable chips for Indian and global markets. To support its growth, the company plans to expand its team from 40 to 100 employees within two years, with new hires in engineering, sales, and marketing.

With strong backing from investors and government incentives, Mindgrove Technologies is poised to play a key role in India’s burgeoning semiconductor ecosystem. Its innovative products are reducing the country’s reliance on imported chips, contributing to a self-reliant and globally competitive tech industry.