AGNIT Semi raises $3.5M in seed round
According to reports in the Indian press, AGNIT Semiconductors, a Bengaluru-based GaN startup, has raised $3.5 million in a seed round led by 3one4 Capital and Zephyr Peacock. Lakshmi Narayanan, former CEO of Cognizant and prominent angel investor, also invested.
With a total funding of $4.87 million to date, the company plans to use the latest capital to scale production and commercial operations. AGNIT is also expanding into new segments, including consumer electronics and electric two-wheelers, to meet fast-changing market demands.
“Agnit represents the new wave of Indian deep tech startups - born from rigorous research, focused on critical technologies, and positioned for global impact. We are excited to partner with Agnit as they scale their operations and take Indian semiconductor technology to the global market,” said Pranav Pai, founding partner and CIO, 3one4 Capital.
“We believe that the company will become a key stakeholder in the semiconductor supply chain in India and globally, and we are excited to partner with them in their journey,” said Pankaj Raina, managing director, Zephyr Peacock.
AGNIT is one of the first startups incubated by the GaN Ecosystem Enabling Centre and Incubator, managed by the Foundation for Science Innovation and Development (FSID) at the Indian Institute of Science (IISc) and funded by the Ministry of Electronics and Information Technology (MeITY).
The company says it aims to sell 100,000 semiconductor chips within the next 12 months.
