AGNIT Semiconductors, India’s only vertically integrated Gallium Nitride (GaN) semiconductor startup, has secured $3.5 million in a seed funding round. This investment was led by 3one4 Capital and Zephyr Peacock, marking their first foray into India’s semiconductor sector. The funding round also included participation from Lakshmi Narayanan, former CEO of Cognizant and a prominent angel investor.
Purpose of Fundraising
Bengaluru-based AGNIT Semiconductors, founded five years ago, has now raised a total of $4.87 million. The company plans to use the new funds to scale its production and commercial operations. The startup aims to expand its presence in sectors such as consumer electronics and electric two-wheelers to meet the rapidly changing market demands. Over the next 12 months, AGNIT aims to sell 100,000 semiconductor chips, contributing to India’s mission for innovation and self-reliance.
Vision and Future Prospects
Hareesh Chandrasekar, CEO and Co-founder of AGNIT Semiconductors, shared the company’s vision: “With the closing of our seed round, we’ve successfully pioneered Gallium Nitride (GaN) technology to revolutionize specialized applications, surpassing traditional silicon.” Chandrasekar also highlighted the company’s plans to grow its market presence and enhance its leadership team as they scale up.
What Does AGNIT Semiconductors Do?
AGNIT designs and manufactures GaN materials (wafers) and electronic components specifically for radio-frequency applications. The startup’s GaN components provide a competitive advantage in terms of performance, price, and footprint for industries such as defense and telecommunications.
Potential of GaN Technology
Gallium Nitride holds great promise across a variety of sectors, including 5G, fast charging, and PV inverters. However, its full potential is yet to be realized. “We’ve been fortunate to have the support of IISc and MeitY as we continue to push the boundaries of GaN technology. Our goal is to unlock its full impact while leading innovation in the industry,” Chandrasekar said.
