Chip Startup AGNIT Semiconductors Secures $3.5 Mn In Seed Funding

Bengaluru-based AGNIT Semiconductors has successfully raised $3.5 million in a seed funding round led by 3one4 Capital and co-led by Zephyr Peacock. The round also attracted participation from Lakshmi Narayanan, former CEO of Cognizant and a prominent angel investor.

Founded five years ago, AGNIT is recognised as India's only vertically integrated Gallium Nitride (GaN) semiconductor startup. The company has raised a total of USD 4.87 million to date and plans to utilise the latest funds to scale up its production capabilities. 

AGNIT said it plans to target new application areas, focusing on consumer electronics and electric two-wheelers, to meet the rapidly evolving market demands. With a goal of selling one lakh semiconductor chips within the next year, the startup is poised to make a important contribution to India’s push for technological innovation and self-reliance.

The startup recently signed a Memorandum of Understanding (MoU) as part of the iDEX program with the Ministry of Defence, aimed at designing and developing next-generation wireless transmitters for defense applications using GaN technology. 

“As we close our seed round with 3one4 Capital and Zephyr Peacock, it marks an extraordinary five-year journey where we've pioneered Gallium Nitride (GaN) technology to revolutionise specialised applications, augmenting traditional silicon. GaN holds immense potential across sectors like 5G, fast charging, PV inverters, and beyond—its full impact is yet to be realized. Achieving this requires unwavering support, and we’ve been fortunate to have the backing of IISc and MeitY. As we scale our market presence, we’re also committed to strengthening our leadership team to steer the company towards greater success,” said Hareesh Chandrasekar, CEO and Co-founder of AGNIT Semiconductor.