Bengaluru, September 3, 2026: Bluehill VC, a frontier-tech-focused venture capital firm, today announced that it has led a ₹10.2 crore seed round in Makr Microsystems, a semiconductor metrology company, with participation from Artha Venture Fund.
Makr is developing nanoscale 3D subsurface metrology products that enable chipmakers to visualise and measure hidden structures and defects beneath semiconductor surfaces using key innovations in Acoustic AFM imaging, Optical Tomography, and advanced 3D data analytics software.
The seed round will support the company’s continued technology development, customer validation, and progression toward commercial deployment.
Strategic Context
Makr aims to address critical inspection challenges in advanced semiconductor manufacturing, enabling non-destructive, high-resolution subsurface analysis to improve process control, defect detection, and yield.
The investment comes shortly after Bluehill VC announced the final close of its maiden fund at ₹400 crore, reinforcing its focus on backing high-potential deeptech companies solving critical technology challenges.
Manu Iyer, General Partner, Bluehill VC: “We are excited about companies that sit deeper in critical technology value chains. Makr is solving a difficult problem in semiconductor manufacturing at a time when the industry is moving toward increasingly complex architectures. We believe this is a global opportunity, and that world-class semiconductor equipment and technology can be built from India.”
India’s Semiconductor Ambitions
India is beginning to build depth across the semiconductor stack. With India Semiconductor Mission 2.0, the country’s ambitions are expanding beyond fabs and chip design to include semiconductor equipment, materials, R&D, and broader supply-chain capabilities.
While much of the semiconductor investment conversation has centred around fabless chip companies, the semiconductor value chain extends far beyond the chip itself. Equipment, materials, and measurement technologies that enable manufacturing are equally critical – and often far harder to build.
For Bluehill, this represents an important opportunity. The fund is looking beyond the most visible parts of the semiconductor value chain to back frontier technologies that can become critical infrastructure for the industry.
Makr Microsystems: Leadership and Expertise
Makr is led by Ashwin Lal, who brings deep experience across semiconductor technology and scientific instrumentation.
- Education: M.Sc. in Physics from IIT Kanpur; Ph.D. in Microtechnology from EPFL.
- Experience: Founder of Shilps Sciences; former engineer at Applied Materials.
The broader team brings expertise across:
- Semiconductor metrology
- Atomic force microscopy
- Scanning probe systems
- MEMS
- Embedded systems
- Scientific instrumentation
Ashwin Lal, Founder, Makr Microsystems: “Semiconductor manufacturing is creating structures that are increasingly difficult to see and measure. As architectures move into the third dimension, understanding what is happening beneath the surface becomes critical to improving yield. Our goal is to make the subsurface measurable, non-destructively and at the resolution the next generation of chipmaking demands.”
Making the Invisible Measurable
As semiconductor devices become smaller and more complex, more of the structures that matter are moving below the surface. Advanced packaging, chiplets, and 3D architectures increasingly rely on interfaces and connections buried beneath multiple layers of material.
Being able to see and measure these structures is critical for understanding how a device has been manufactured, identifying defects, and improving yield.
Today’s metrology tools are highly sophisticated, but different techniques involve trade-offs around resolution, depth, speed, and whether the sample needs to be damaged or prepared for inspection.
Makr is developing a new approach:
- Core Technology: Acoustic Atomic Force Microscopy (AAFM), which combines atomic force microscopy with acoustic sensing to access information beneath semiconductor structures.
- Approach: Uses acoustic signals to gather subsurface information that conventional surface-based techniques struggle to access.
- Platform Goal: High-resolution, non-destructive subsurface measurement.
Initial Applications: Advanced packaging, hybrid bonding, buried interfaces, chiplet interconnects, and defect detection.
Betting on the Deeper Layers
Bluehill has already made two bets on the fabless side of semiconductors. But building the ecosystem requires much more: machines, materials, measurement systems, and specialised technologies that enable advanced manufacturing.
These companies are often less visible to mainstream venture capital, requiring deeper technical diligence, longer development cycles, and greater scientific understanding. Bluehill sees this as an opportunity to make differentiated bets.
Global Opportunity
The opportunity for Makr extends well beyond India. The same shift toward more complex semiconductor architectures is taking place across the world’s leading ecosystems, creating demand for better ways to inspect and characterise sophisticated devices.
For Bluehill, this investment is a bet on the deeper layers of the semiconductor stack and on the opportunity to build globally relevant deeptech from India.
About Bluehill VC
Bluehill VC is a Chennai-based frontier-tech venture capital firm founded by Manu Iyer & Sridhar P.
- Founded: 2024
- Philosophy: Invest-and-build, combining long-term capital with deep operational engagement.
- Focus: Foundational technologies across engineering and science.
- Stages: Seed to Series A.
- Sectors: Defence, Space, Semiconductors, Advanced Materials, Energy, Manufacturing & IoT, Robotics, Industrial Technologies.
Bluehill partners with entrepreneurs building technologies that will shape the industries of tomorrow.
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