Agnit Semiconductors raises $3.5 million in seed round
Gallium Nitride (GaN) semiconductor startup Agnit Semiconductors on Thursday said it has raised $3.5 million in a seed round led by 3one4 Capital and Zephyr Peacock – marking their first investment in India’s semiconductor sector.
Along with two new investors, the company said the round also witnessed participation from former CEO of Cognizant and angel investor Lakshmi Narayanan.
The five-year-old Bengaluru-based startup, which was also one of the nominees for the 'Top Innovator' category at the ET Startup Awards, has raised $4.87 million in total so far and plans to utilise the fresh funds to scale its production and commercial operations.
“GaN holds immense potential across sectors like 5G, fast charging, PV inverters, and beyond—its full impact is yet to be realized," Hareesh Chandrasekar, CEO and Co-founder of AGNIT Semiconductor said in a statement. «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.”
The company is also set to expand its offerings into new market segments, targeting consumer electronics and electric two-wheelers. Agnit is eyeing a sale of 100,000 semiconductor chips in the next 12 months and is looking to contribute to India's push for innovation and self-reliance.
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