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Economic Times
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Agnit Semiconductors raises $3.5 million in seed round
- Gallium Nitride (GaN) semiconductor startup Agnit Semiconductors has raised $3.5 million in a seed round led by 3one4 Capital and Zephyr Peacock – marking their first investment in India’s semiconductor sector.
- With participation from former CEO of Cognizant and angel investor Lakshmi Narayanan, the five-year-old Bengaluru-based startup has raised $4.87 million in total.
- Agnit Semiconductors plans to utilise the fresh funds to scale its production and commercial operations and expand into new market segments.
- The company is set to target consumer electronics and electric two-wheelers, and is eyeing 100,000 semiconductor chips sold in the next 12 months.
- Agnit is one of the first startups incubated by the Gallium Nitride Ecosystem Enabling Centre and Incubator managed by the Foundation for Science Innovation and Development (FSID) located at the Indian Institute of Science (IISc).
- The startup has also been awarded from the Government of Karnataka for their state-of-art GaN semiconductor technology.
- Agnit has recently signed a memo of understanding with India’s Ministry of Defence to design and develop next-generation wireless transmitters for defence applications using GaN technology.
- Zephyr Peacock's Managing Director said that Agnit has developed extensive know-how and proprietary processes to develop high-quality GaN materials and devices.
- The CEO of Agnit Semiconductor said that the fresh round of investment will help them scale their market presence and they are also committed to strengthening their leadership team to steer the company towards greater success.
- The CEO further added that GaN holds immense potential across sectors like 5G, fast charging, PV inverters and beyond, and its full impact is yet to be realized.
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