The company producing RISC-V processor cores in the nation, InCore Semiconductors, received Sequoia Capital India's second semiconductor investment this year on Friday.
During the IT Ministry's “SemiCon India FutureDesign Roadshow,” which was held at IIT Delhi under the direction of Minister of State for IT and Electronics Rajeev Chandrasekhar, InCore Semiconductors earned $3 million in a seed-funding round from Sequoia Capital India.
Semiconductors are the foundation of technology and a major driving force behind India's vision of a $1 trillion digital economy. All groups of stakeholders—startups, investors, or the government—will need to commit jointly to and collaborate on this, according to Chandrashekhar.
Prior to this, Sequoia Capital India invested $2.32 million in Mindgrove, a semiconductor firm housed at IIT Madras that creates cutting-edge System on Chips (SoCs).
“We appreciate the chance to support India's developing semiconductor sector. The company has worked with two aspirational early-stage Indian semiconductor startups that are pioneering RISC-V and bespoke silicon during the last several months. Deep tech businesses have a ton of potential, according to Mohit Bhatnagar, MD of Sequoia India.
According to G.S. Madhusudan, CEO and Co-Founder of InCore Semiconductors, “we are driving innovation and enabling companies to build cutting-edge semiconductor solutions” with our full suite of customizable RISC-V core-generators, core-hubs, and SoC platforms.
A budget of Rs 1,200 crore has been set aside by Prime Minister Narendra Modi for investments in Indian semiconductor design businesses.
A production-linked incentive (PLI) program for semiconductor and display manufacturing facilities was recently introduced in the nation.