Fabless semiconductor startup iVP Semiconductor Pvt Ltd plans to set up a production test facility in India. The company aims to produce semiconductor chips locally, according to Co-founder and CEO Raja Manickam.
iVP Semiconductor has raised $5 million in pre-series A funding to support its expansion. Manickam, an industry veteran, wants to serve domestic clients first and then become a global brand. He emphasized the importance of an Indian company competing in the semiconductor industry, which is currently dominated by global firms.
The company will focus on sectors like renewable energy, solar, and wind energy. iVP plans to set up a production test facility in Chennai and another in southern India. Manickam aims for the company to achieve $70-100 million in revenue in the next 3-4 years.
The $5 million funding will help build the company’s presence, scale operations, set up testing facilities, and for marketing. iVP is in talks with the Tamil Nadu government to set up a 20,000 sq ft production facility in Chennai, expected to be operational by October 2024. This facility will handle chip design and testing, ensuring high-quality products.
Besides the power sector, iVP will also focus on electric two-wheelers, electric vehicle charging facilities, and the Internet of Things. The company plans to set up a testing center and source semiconductor wafers from Taiwan.
