Bengaluru-headquartered deeptech startup Steradian Semiconductors, which develops 4D imaging radar solutions for autonomous vehicles, among other products, with its patented and proprietary intellectual property (IP), has received an investment from Inflexor Technology Fund, a Securities and Exchange Board of India (SEBI)-registered early-stage technology-focused venture capital fund. This is the first investment through the Inflexor Technology Fund, managed by Inflexor Ventures, a Mumbai, Bengaluru and Hyderabad-based sector agnostic venture capital firm that invests in early-stage companies from seed to Series-A+ stages.
Last month, Inflexor had announced the first close of its INR 500 Cr Inflexor Technology Fund at INR 230 Cr. While SBICap Ventures is an anchor investor in the fund, the Small Industries Development Bank of India (SIDBI), from its startup-focused fund-of-funds, and Survam Partners, the family office of Suman Kant Munjal, are other key institutional investors in the fund.
“As the world moves towards higher levels of automation, we see their technology play a vital role in the automotive industry. With our focus on backing companies with deeptech and technology IP that can scale globally from India, we feel Steradian is poised for its next stage of growth and we are excited to partner with them,” said Venkat Vallabhaneni, managing partner at Inflexor Ventures.
Founded in 2016 by Gireesh Rajendran, Ashish Lachhwani, Apu Sivadas, Rakesh Kumar and Alok Joshi, who came with experience in companies such as Texas Instruments and Qualcomm, Steradian Semiconductors has developed a high-resolution 4D imaging radar solution which can be deployed in automobiles as well as for traffic monitoring. The technology can sense the surroundings and detect velocity which along with their AI-based algorithms deliver a real-time detailed image like optical sensors. These sensors are used in the automotive industry and enable various driver assistance features including a fully autonomous vehicle. The company has also developed solutions for traffic monitoring and smart city projects.
The recent investment for the company will be used to accelerate product development and scale-up in global markets.
“Steradian has opened a new world of safe autonomous driving systems with its innovative and commercially viable radar solution. Our customers and commercial partners have validated the solution on-field in trials and endorsed the capability of our high-resolution imaging radar technology. We are also excited to partner with Inflexor which shares our vision and will bring a lot of experience and value to us,” said Gireesh Rajendran, cofounder and CEO at Steradian Semiconductors Pvt Ltd.
Steradian was one of the five Indian startups to be mentored through MG Motors’ innovation programme, MG Drives Innovation, in 2017. In 2018, Steradian received $2 Mn in investment from Endiya Partners, a Hyderabad-based early-stage venture capital firm.
Lately, the Indian government has realised the potential of deeptech and mobility sectors in boosting the Indian economy.
From October 5-9, 2020, the Government of India’s Ministry of Electronics and Information Technology (MeitY) held the Responsible AI for Social Empowerment virtual global summit, where key stakeholders from the government, industry and academia discussed ways for leveraging AI for social empowerment, through its use in sectors such as healthcare, agriculture, education and smart mobility.