[Portfolio News] 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.
Click here to read the full story on The Economic Times
Below is an excerpt from the post that appeared on The Economic Times on 17 October 2024:
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.
“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.
“Agnit has developed extensive know-how and processes to develop high-quality GaN materials and devices. 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,” Pankaj Raina, Managing Director, Zephyr Peacock, said.
Click here to read the full story on The Economic Times
Image source: Unsplash, Photo by Vishnu Mohanan
