Driven by govt's support, semiconductor startups in India attract record investment

New Delhi [India], July 24 (ANI): The semiconductor design ecosystem in India is getting stronger as startups supported under the Ministry of Electronics and IT (MeitY) Design Linked Incentive (DLI) Scheme and Chips to Startup (C2S) Programme are now gaining significant traction, said Ministry of Electronics & IT in an official statement.

In a major boost to the sector, Netrasemi, a startup supported under the government chip design scheme, has received Venture Capital (VC) investment of Rs 107 crore.

The company is working on making chips for smart vision, CCTV cameras, and Internet of Things (IoT) applications.

Union Minister for Electronics and IT, Ashwini Vaishnaw, welcomed the development and stated, India has significant design capabilities. With India Semiconductor Mission supporting Design in India, the success of Netrasemi will encourage other Indian startups.

Since the launch of the DLI Scheme in 2022, the government had committed the support of Rs 234 crore for chip design projects from 22 companies with a total project cost of Rs 690 crore. These chips will be used in CCTV cameras, mobile networks, satellites, cars, smart devices, and more.

Startups under these schemes have together raised over Rs 380 crore from venture Capital (VC) investors. Notably, five startups have already built and tested their chip designs with global chip manufacturers.

In addition, more than 72 companies have been given access to advanced software tools to help them design chips.

A few other examples of startups getting backed through private investment include: Mindgrove Technologies (CCTV chip design) raised Rs 85 crore, Fermionic Design (satellite communication chip) raised Rs 50 crore Morphing Machines, InCore Semiconductors, and BigEndian Semiconductors are progressing rapidly towards production stages In the spirit of becoming a product nation, the government is encouraging young companies to take bold steps in chip design, while private investors are now supporting them to grow and bring their chips to the market. (ANI)

Disclaimer: This news article is a direct feed from ANI and has not been edited by the News Nation team. The news agency is solely responsible for its content.