AGNIT Semiconductors, a gallium nitride (GaN) semiconductor StartUp has raised $3.5 million in a seed round on Thursday. The company plans to use the proceeds to scale its production and commercial operations. The funding round was led by 3one4 Capital and Zephyr Peacock, marking their first investment in India’s semiconductor sector.
“GaN holds immense potential across sectors like 5G, fast charging, PV inverters, and beyond-its full impact is yet to be realised. Achieving this requires unwavering support, and we’ve been fortunate to have the backing of IISc and MeitY,” said CEO and co-founder of AGNIT Semiconductor, Hareesh Chandrasekar. As the company is expanding its market presence, it is also committed to strengthen team leadership that will lead to greater success, he added.
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Additionally, the company is also eyeing to expand its offerings into new market segments, targeting consumer electronics and electric two-wheelers. The company with an aim to push for India’s innovation and self-reliance, has set a target of selling 100,000 semiconductor chips in a year’s time.
Recently, the company was one of the nominees for the ‘Top Innovator’ category at the ET StartUp Awards.
“Agnit represents the new wave of Indian deep tech startups- born from rigorous research, focused on critical technologies, and positioned for global impact. What sets Agnit apart is its end-to-end capability- from materials to ASICs. This vertical integration, combined with their patented technologies, gives them a unique advantage in a competitive global market,” said founding partner and CIO at 3one4 Capital Pranav Pai.
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The company was founded in 2019 and is one of the first Start-Ups 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) and funded by the Ministry of Electronics and Information Technology (MeITY).
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