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Mindgrove Technologies Targets First Chip Revenues This Fiscal Year
Mindgrove Technologies is an Indian company that designs computer chips.
It expects to earn money from selling its chips for the first time during this financial year.
About six possible customers are testing or discussing its products.
The chips could be used in cameras, biometric systems, meters and robots.
One customer, AtumX, is using the chips to teach schoolchildren about robotics.
AtumX plans to test 500 computer boards in several parts of India.
Mindgrove has raised money from investors to develop its technology.
The company is also considering government support for Indian chip designers.
For now, it expects its biggest business opportunities to be in India rather than overseas.
Mindgrove Technologies expects to generate its first revenue this fiscal year from locally made chips.
The five-year-old startup is in discussions and trials with about half a dozen potential customers.
Its chips are being developed for biometrics, surveillance cameras, metering, robotics and connected appliances.
Mindgrove’s first commercial chip is already being used by AtumX, which is piloting 500 computing boards.
The company is evaluating India’s Design-Linked Incentive 2 scheme while focusing initially on Indian customers.
- Who
- Mindgrove Technologies, led by cofounder and chief executive Shashwath TR.
- What
- The semiconductor design startup expects to begin earning revenue from its locally made chips this fiscal year.
- Where
- India, with pilot deployments planned in the northeast, Jammu and Kashmir, Tamil Nadu and other locations.
- When
- This fiscal year; its first chip is scheduled for wider commercial rollout by late 2026.
- Why
- The company is seeking paying customers while contributing to India’s effort to build a domestic semiconductor design industry.
Key facts
- Founded
- February 2021
- Expected milestone
- First revenue this fiscal year
- Potential customers
- About half a dozen are in advanced discussions or trials
- Seed funding
- $2.3 million raised in February 2023
- Series A funding
- $8 million raised in December 2024
- AtumX pilot
- An initial order of 500 chip-powered computing boards
- First chip rollout
- Commercial rollout planned for late 2026
- Government support
- Mindgrove is evaluating the Design-Linked Incentive 2 scheme
Quotes
Shashwath TR
Cofounder and chief executive of Mindgrove Technologies
“I am not really differentiating between Indian and international clients at this point. Our target opportunities are all in India, and I expect the first big commercial activity in India, not internationally. That is also a reflection of the kind of chips we are making. But I’m not differentiating based on that.”
livemint.com
“In active discussions and trials with customers across industries such as biometrics, CCTV surveillance, metering and other applications.”
livemint.com
Sources
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