- This seed round marks the first investment by 3one4 Capital and Zephyr Peacock in India’s semiconductor sector.
- It also saw participation from Lakshmi Narayanan, former CEO of Cognizant.
- Bengaluru-based AGNIT plans to use the new funding to scale up production and expand into new application areas and markets.
India, October 17, 2024: AGNIT Semiconductors, India’s first vertically integrated Gallium Nitride (GaN) semiconductor startup, has successfully raised $3.5 million in a seed round led by 3one4 Capital and Zephyr Peacock, marking their debut investment in India’s semiconductor sector. Notable angel investor and former CEO of Cognizant, Lakshmi Narayanan, also participated in the round, along with two new investors.
The Bengaluru-based startup, founded in 2019, has now secured a total of $4.87 million in funding. AGNIT plans to utilize the new capital to scale its production capabilities and expand its commercial operations. The company aims to broaden its product portfolio to cater to emerging sectors such as consumer electronics and electric two-wheelers, addressing the growing demand for faster, energy-efficient semiconductor solutions. In the coming 12 months, AGNIT projects sales of 100,000 semiconductor chips, contributing to India’s goal of becoming a global leader in semiconductor technology and self-reliance.
Pranav Pai, Founding Partner & CIO of 3one4 Capital, commented on the investment, “AGNIT Semiconductors is pioneering the advancement of Gallium Nitride technology in India, a critical component for the future of global electronics and energy systems. AGNIT embodies the new wave of Indian deep-tech startups, built on research excellence and positioned for a global impact. Their vertical integration, from material development to Application-Specific Integrated Circuits (ASICs), along with their proprietary technologies, gives them a competitive edge in the global market. We are excited to support AGNIT as they scale their operations and bring Indian semiconductor innovations to the global stage.”
Pankaj Raina, Managing Director of Zephyr Peacock, added, “The demand for GaN semiconductors is accelerating globally due to their enhanced performance and energy efficiency, which drive the development of smaller, cost-effective devices. AGNIT’s expertise in developing high-quality GaN materials and devices positions them as a key player in the semiconductor supply chain, both in India and internationally. We are thrilled to partner with them on their growth journey.”
CEO and Co-founder of AGNIT Semiconductors, Hareesh Chandrasekar, shared his thoughts on the funding round, saying, “This seed round marks a milestone in our five-year journey, where we’ve been at the forefront of Gallium Nitride technology, which has the potential to transform industries such as 5G, fast charging, and PV inverters. Our work is far from over, and with the continued support from IISc and MeitY, we are poised to scale our market presence and further strengthen our leadership team to drive future success.”
AGNIT is one of the pioneering startups incubated by the Gallium Nitride Ecosystem Enabling Centre and Incubator at the Indian Institute of Science (IISc), supported by the Ministry of Electronics and Information Technology (MeitY). The startup has also been recognized by the Government of Karnataka for its cutting-edge GaN semiconductor technology. Additionally, AGNIT has signed an MoU with the Ministry of Defence under the iDEX program to develop next-generation wireless transmitters for defence applications using GaN technology, aligning with the ‘Make in India’ initiative.
