Mindgrove Raises Seed Funding of $2.3 Million From Sequoia Capital

Chennai-headquartered start-up Mindgrove has raised $2.3 million in a seed funding round led by Sequoia Capital. Apart from Sequoia, companies like Speciale Invest and Whiteboard Capital and investors like Ashwini Ashokan and Nischay Goel also participated. 

The company is planning to strengthen its team with the newly generated fund.  Additionally, it will also spend to bolster its technology. 

Launched in 2021, the IIT Madras incubated start-up claims to design the System on Chips (SoCs).  It is engaged to deliver Silicon Socs, which aim to provide high performance with low power, unlike high-performance SoCs, which consume high power. 

The company competes with Applied Materials, TSMC India, Micron Technology, Solex Energy and others. 

Talking about the latest development, Shashwath TR, the chief executive officer (CEO) and co-founder, told the Times of India (TOI)/, “The seed capital we have raised will enable us to prototype our first SoC and take it to the market. This is a critical step for us since the volumes for final production runs are expected to be in the hundreds of thousands or even millions."

“Once we have a product-market-fit we will be going into full-scale production in late 2023 or early 2024," he added. 

Addressing the investment, Vishesh Rajaram, the managing partner (MP) of Speciale Invest, said, “Mindgrove Technologies is leading the charge in cutting-edge chip design, and we are proud to be a part of their vision. Their SoCs are a game-changer in the industry, and the team, supported by the expertise of IIT Madras, makes them a highly attractive investment opportunity. It was a no-brainer for us to be a part of their journey.”