AGNIT Semiconductors has successfully raised $3.5 million in a seed funding round led by 3one4 Capital and Zephyr Peacock, marking their inaugural investment in India’s semiconductor sector. This round also included participation from notable angel investor Lakshmi Narayanan, the former CEO of Cognizant.The Bengaluru-based startup, established five years ago, has accumulated a total of $4.87 million in funding and plans to use the new capital to enhance its production and commercial operations.
Hareesh Chandrasekar, CEO and co-founder of AGNIT Semiconductors, remarked, “Closing our seed round with 3one4 Capital and Zephyr Peacock signifies a remarkable five-year journey in pioneering Gallium Nitride (GaN) technology. We aim to transform specialized applications and improve upon traditional silicon technologies.” He emphasized the vast potential of GaN in sectors such as 5G, fast charging, and PV inverters.
The company also intends to broaden its market reach by exploring new segments, including consumer electronics and electric two-wheelers, to meet the rapidly changing demands. AGNIT has set a goal of selling 100,000 semiconductor chips within the next year, contributing to India’s drive for innovation and self-sufficiency.
Pranav Pai, founding partner and CIO of 3one4 Capital, commented on the investment: “AGNIT Semiconductors is making significant strides by advancing Gallium Nitride technology in India, a vital element for the future of global electronics and energy systems. AGNIT exemplifies the new generation of Indian deep tech startups, driven by thorough research and focused on essential technologies with the potential for global impact. Their end-to-end capabilities, from materials to ASICs, provide them a competitive edge.”
Pankaj Raina, managing director of Zephyr Peacock, added, “The global demand for GaN semiconductors is on the rise, as they enhance performance and energy efficiency, facilitating the creation of smaller, more cost-effective devices. AGNIT possesses deep expertise and proprietary processes for developing high-quality GaN materials and devices. We are confident that the company will emerge as a significant player in the semiconductor supply chain both in India and internationally, and we look forward to supporting them in their journey.”
AGNIT is among the first startups incubated by the Gallium Nitride Ecosystem Enabling Centre and Incubator, overseen by the Foundation for Science Innovation and Development (FSID) at the Indian Institute of Science (IISc) and backed by the Ministry of Electronics and Information Technology (MeITY).
