Eyeing 100,000 chip sales and new markets in India’s semiconductor boom, startup Agnit Semiconductors has secured $3.5 million in seed funding to boost GaN tech production.
Agnit Semiconductors, a startup focused on Gallium Nitride (GaN) semiconductors, announced on Thursday that it has secured $3.5 million in a seed funding round led by 3one4 Capital and Zephyr Peacock, marking their inaugural investment in India’s semiconductor landscape.
The funding round also attracted participation from new investors, including Lakshmi Narayanan, former CEO of Cognizant and an angel investor.
Based in Bengaluru, Agnit started its journey as an industry player five years ago. With a total funding of $4.87 million to date, the startup plans to use this latest investment to enhance its production and commercial operations.
CEO and Co-founder Hareesh Chandrasekar expressed optimism about GaN’s vast potential in sectors such as 5G, fast charging, and PV inverters, noting that its full impact is yet to be realised.
He also acknowledged the essential support from the Indian Institute of Science (IISc) and the Union Ministry of Electronics and Information Technology (MeitY) in their growth journey.
Agnit is also looking to diversify its offerings into new areas like consumer electronics and electric two-wheelers. The company aims to sell 100,000 semiconductor chips in the coming year, contributing to India’s drive for innovation and self-sufficiency.
Pranav Pai, Founding Partner and CIO at 3one4 Capital, highlighted Agnit as a pioneer among Indian deep tech startups, emphasising its comprehensive capabilities from materials to application-specific integrated circuits (ASICs).
He pointed out that Agnit’s vertical integration and patented technologies give it a competitive edge in the global market.
Agnit is one of the first startups incubated by the Gallium Nitride Ecosystem Enabling Centre at the IISc, supported by the MeitY.
The startup has also received recognition from the Government of Karnataka for its advanced GaN semiconductor technology. Recently, as part of the ‘Make in India’ initiative, Agnit signed a deal under the iDEX programme with the Ministry of Defence (MoD) to develop GaN-based wireless transmitters for defence applications.
Pankaj Raina, Managing Director of Zephyr Peacock, expressed confidence in Agnit’s capabilities and potential role as a player in the semiconductor supply chain both in India and globally.
