Tessolve founder Raja Manickam, renowned for his work in semiconductor engineering, has launched iVP Semi, a fabless semiconductor startup to empower Indian system companies through localised chip production.
With an infusion of USD 5 million in pre-Series A funding, iVP Semi is set to establish a presence in India, scale its operations, set up testing facilities, and launch comprehensive marketing initiatives.
iVP Semi is beginning on a strategic expansion by setting up chip design centres in Chennai and Bangalore, and licensing product IP from Taiwan, Japan, and the US. The company will conduct internal chip and module testing, maintaining an asset-lite model.
Collaborating with the Tamil Nadu State Government, iVP Semi will establish a 20,000 sq ft production test facility in Chennai, scheduled to be operational by October 2024. This facility will handle everything from design to testing, ensuring high-quality products and exceptional post-delivery support.
The startup also plans to open a second test facility in another South Indian location. These centres will feature discreet and power module testing, along with reliability and safety certification capabilities, aiming to reduce time to market for iVP Semi's customers.
In a statement, Raja Manickam, Founder & CEO, iVP Semi, said, “As a startup, iVP Semi recognises the challenges faced by Indian semiconductor startups that aimed for the global market from the outset. Many struggled to survive due to the time and financial resources required to compete with established giants. Hence, our mission is to localise semiconductor chip production, empowering Indian companies to improve product development cycles and achieve greater technological autonomy.”
iVP Semi has said that it aims to generate USD 70 million to USD 100 million in revenue within the next two to three years. Through its operations in India, the company will primarily serve the local Renewables, EV, and Automotive industries, driving innovation and development locally with a strong system design competence.
