AGNIT Semiconductors Secures USD 3.5 Mn Funding Led by 3one4 Capital and Zephyr Peacock The Bengaluru-based startup will use the funds to scale production, aiming to manufacture 100,000 GaN chips, and explore new markets like consumer electronics and electric two-wheelers, leveraging GaN's superior performance over silicon.
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Bengaluru-based AGNIT Semiconductors has secured USD 3.5 million in a seed funding round led by 3one4 Capital and Zephyr Peacock, marking a significant milestone in India's semiconductor sector.
The funding round also saw participation from Lakshmi Narayanan, former CEO of Cognizant. This is the first foray into India's semiconductor industry for both firms, with a specific focus on Gallium Nitride (GaN) technology, a material that offers high efficiency for applications in industries such as 5G, electric vehicles, and defense.
AGNIT Semiconductors, founded five years ago, has now raised a total of USD 4.87 million. The company plans to use the new capital to scale up its production, aiming to manufacture 100,000 GaN chips in the coming year. Additionally, the funds will be allocated toward exploring new market opportunities, including consumer electronics and electric two-wheelers, sectors where GaN technology is increasingly becoming critical due to its superior performance over traditional silicon.
Hareesh Chandrasekar, CEO and Co-founder of AGNIT Semiconductors, expressed his enthusiasm about closing the seed round, highlighting the company's five-year journey of pioneering GaN technology. "GaN holds immense potential across sectors like 5G, fast charging, and PV inverters—its full impact is yet to be realised. We're grateful for the support of IISc and MeitY, and as we scale our market presence, we are focused on strengthening our leadership team to drive the company toward greater success," Chandrasekar said.
AGNIT specialises in the design and manufacture of GaN materials and electronic components, particularly for radio-frequency applications. The company claims its GaN components offer significant performance, price, and size advantages for industries like defense and telecommunications.
As one of the first startups incubated by the Gallium Nitride Ecosystem Enabling Centre at the Indian Institute of Science (IISc) and funded by the Ministry of Electronics and Information Technology (MeitY), AGNIT stands at the forefront of India's burgeoning deep tech landscape.
Pranav Pai, Founding Partner and CIO at 3one4 Capital, commented, "Agnit Semiconductors is pioneering a critical component for the future of global electronics and energy systems. Their end-to-end capability, from materials to ASICs, combined with their patented technologies, positions them uniquely in the competitive global market. We are thrilled to partner with them as they scale operations and bring Indian semiconductor technology to the world stage," Pai said.
