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Economic Times
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Chip startup Mindgrove Technologies secures $8 million in funding
- Fabless semiconductor design startup Mindgrove Technologies raised $8 million in a Series A funding round.
- The funds will be used to expand the workforce and enhance the in-house engineering capabilities of the company.
- The round was co-led by Rocketship.vc and Speciale Invest, with participation from Mela Ventures, Peak XV Partners, Nishchay Goel, and Whiteboard Capital.
- The company said that the investment will accelerate production and sales of its first chip.
- Mindgrove Technologies launched 'Secure IoT,' India's first commercial-grade high-performance microcontroller SoC taped out at 28nm in May this year.
- In addition, Mindgrove received approval under the government of India's semiconductor design linked incentive (DLI) scheme amounting to Rs 15 crore for developing a new chip.
- The new chip called 'Vision SoC' is meant for high-performance edge computing and vision processing applications such as CCTV cameras, dashcams, video recorders, ADAS, smart TVs and more.
- The startup is incubated by IITM Pravartak Technologies Foundation and IIT Madras Incubation Cell.
- In early 2023, Mindgrove Technologies secured $2.325 million in seed funding from Peak XV Partners (formerly Sequoia Capital India & SEA), Speciale Invest, and Whiteboard Capital.
- The company plans to expand its team across all departments.
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