Founded in 2021 by Shashwath TR and Sharan Srinivas Jagathrakshakan, Mindgrove has built microcontroller chips and is looking to tap into the global smart devices market projected to reach $116.4 Bn within the next five years
One of Mindgrove's key differentiators is its Secure IoT SoC — a 700 MHz high-performance microcontroller designed to offer programmability, flexibility, security, and superior computing power, all at an estimated 30% lower cost compared to similar chips in the market
In 2023, the startup raised $2.32 Mn in its seed funding round from Peak XV Partners and Speciale Invest, among others
With the country’s semiconductor industry projected to breach the $150 Bn mark by 2030, helped by rising government support, financial help from the VC ecosystem, and more entrepreneurs entering the fray, it is now important to understand why this space is of essence for the country that fosters the world’s third-largest startup ecosystem.Founded in 2021 by Shashwath TR and Sharan Srinivas Jagathrakshakan, Mindgrove has built microcontroller chips and is looking to tap into the global smart devices market projected to reach $116.4 Bn within the next five years.“Our initial focus is to cater to the manufacturing of electronic devices like power metres, biometric devices, and other smaller smart gadgets, which require a little bit of processing, a good amount of inputs and outputs, and security,” Shashwath said.
Well, while the country has long been home to innovative semiconductor companies, particularly those excelling in design and engineering, we have been miles away from becoming a leader in semiconductor manufacturing. This has been largely due to China’s dominance of the semiconductor space, which it enjoys on the back of the abundance of rare earth elements in the region.