Chennai-based Deeptech Startup Mindgrove Raises Seed Funding
Mindgrove Technologies, a Chennai-based deeptech startup, has raised seed funding of $2.325 million (around Rs 19.5 crore) led by Sequoia Capital India.
Speciale Invest and Whiteboard Capital, with angel investors Ashwini Asokan (Mad Street Den) and Nischay Goel (Duro Capital), also participated in the funding round.
As per the startup, the raised funds will be used to scale up its technology and hiring.
Mindgrove Tech | Designing System On Chips
Founded by T.R. Shashwath and Sharan Srinivas J in 2021, Mindgrove designs cost-effective and power-efficient system-on-chips (SoCS).
Backed by IIT Madras Incubation Cell and IITM Pravartak Technologies Foundation, the deeptech startup currently designs chips for use in industrial automation, automotive, consumer electronics, defence, security, and aviation.
As per Shashwath, Mindgrove’s goal of designing chips in India specifically for the Indian market is in line with the country’s requirements for semiconductors.
This investment comes at a point when India’s deeptech space has seen an uptrend in deal activity since last year. In January this year, Myelin Foundry, which operates an eponymous deep technology startup focussed on streamlining content creation, raised $3 million (around Rs 24.3 crore) in Series A funding. The funding round was led by US-based automotive supplier Visteon Corporation.
Same month, Bengaluru-based deeptech startup Chara Technologies raised $4.75 million (around Rs 39 crore) in a pre-Series A funding round led by venture capital firm Exfinity Venture Partners. Last year, in December, the government announced its plan to launch a Digital India Innovation Fund to support Indian Deeptech Startups.
Meanwhile, the funding round was led by Sequoia Capital India, which has backed several Indian startups, including Zomato, Razorpay, Byjus, Groww, Freshworks, Mamaearth, Pine Labs, CRED, and Truecaller.
The VC firm has been actively investing in a significant number of early-stage deals. Earlier this month, Sequoia, through its accelerator program Surge, led the $3.7 million seed funding round of software-as-a-service (SaaS) startup Hatica.
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