Rocketship.vc Supports Mindgrove Technologies in $8 Million Fundraise to Drive Semiconductor Innovation

Mindgrove Technologies, a semiconductor design startup based in Chennai, has raised $8 million in its Series A funding round. Although the company has not shared its valuation, it is believed to have increased nearly fourfold since its seed funding round in early 2023.

The funding round was co-led by Speciale Invest and Rocketship.vc, with support from Mela Ventures, Peak XV Partners, Whiteboard Capital, Nishchay Goel, and new investor Anshul Goel.

Mindgrove Technologies plans to utilize the new funding to scale up its workforce, enhance in-house engineering capabilities, and accelerate the commercial production of its first microcontroller, SoC, Secure IoT. The company currently employs around 40 people and anticipates growing its team to 100 members within two years. This expansion will focus on hiring sales and marketing professionals for Secure IoT and technical talent for its upcoming products, such as the Vision SoC.

In May 2024, the company unveiled Secure IoT, India’s first commercial-grade, high-performance microcontroller SoC taped out at 28nm. The chip is designed to power smart connected devices like watches, meters, access control units, printers, and point-of-sale (PoS) machines. Mindgrove plans to bring the chip to market by mid-2025, addressing the growing demand for indigenously designed solutions that cater to India’s unique ecosystem.

Additionally, Mindgrove Technologies has received approval for ₹15 crore under the Government of India’s Semiconductor Design-Linked Incentive (DLI) scheme. This funding will support the development of the Vision SoC, designed for high-performance edge computing and vision processing applications such as CCTV cameras, dashcams, and advanced driver assistance systems (ADAS).

Shashwath T.R., CEO of Mindgrove, highlighted that India’s demand for high-performance SoCs is on the rise, particularly in security and edge-computing sectors. The company’s indigenously designed chips, tailored to local needs, are positioned to provide OEMs with reliable, cost-effective solutions. With support from investors like Rocketship.vc and Speciale Invest, Mindgrove is on track to transform India’s semiconductor landscape and compete globally with its innovative products.

Mindgrove Technologies, incubated by IIT-Madras Pravartak Technologies Foundation and IIT Madras Incubation Cell, designs high-performance SoCs with advanced features for both the Indian and global markets. The startup’s competitive pricing strategy positions its products to meet the increasing demand for efficient, cost-effective microcontrollers. In early 2023, the company secured $2.325 million in seed funding from Peak XV Partners (formerly Sequoia Capital India & SEA), Speciale Invest, and Whiteboard Capital.

Vishesh Rajaram, Managing Partner at Speciale Invest and an early investor in Mindgrove praised the company’s successful tape-out of Secure IoT, calling it a prime example of “innovation and cost-efficiency.” He emphasized that the chip addresses the rising demand for high-performance microcontrollers, catering to both domestic and global markets. As the company expands its operations, it continues to focus on developing solutions that meet the needs of an evolving tech landscape.