As the foundation of modern electronics, semiconductors are vital to innovation and economic resilience. The need for a resilient and localized supply chain has never been more apparent, especially in India, where the demand for indigenous innovation in chip design and manufacturing is surging. At Speciale Invest, we believe in empowering startups that challenge norms and redefine possibilities. Having seen the journey of Mindgrove Technologies from early 2022, even before their pre-seed round which we also invested in, we are super excited to double down on our conviction in the vision of Shashwath and Sharan to build chips from India, for India and for the world. Having seen the journey of Mindgrove Technologies from early 2022, even before their pre-seed round which we also invested in, we are super excited to double down on our conviction in the vision of Shashwath and Sharan to build chips from India, for India and for the world.
Global Shifts in the Semiconductor Landscape
The global semiconductor industry is witnessing a paradigm shift. Geopolitical tensions, particularly between major economies such as the United States and China, have underscored the need for resilient and geographically diversified semiconductor supply chains. The disruptions caused by the COVID-19 pandemic further amplified vulnerabilities, compelling nations to prioritize domestic semiconductor capabilities.
India, with its burgeoning digital economy, has recognized the strategic importance of this sector. Government initiatives, such as the Design Linked Incentive (DLI) scheme, Production Linked Incentive (PLI) scheme, signal strong intent to foster indigenous innovation. These macroeconomic and geopolitical tailwinds create an opportune environment for startups to thrive and lead the semiconductor innovation in India.
The Imperative for India-Centric Chip Design
India’s digital transformation is reshaping industries and everyday life, fueling demand for smart devices across verticals.
While 20% of the global semicon design talent is resident in India, they are mostly employed with the global semiconductor design majors such as Texas Instruments, Qualcomm, NXP, ST Micro etc. - who all have their design centers in India. These chips are often designed for global use cases and not specifically for the unique demands of a growing economy like India - in particular they do not account for the price sensitivity of the Indian customer, the ability to withstand the fluctuations in temperature and humidity, power supply instabilities and the necessity for technical and documentation support.
The reliance on imported designs leads to inefficiencies, increased costs, and longer development timelines.
Mindgrove Technologies addresses this challenge by designing chips and solutions specifically tailored to India’s unique needs. Their approach not only reduces time-to-market for manufacturers but also fosters self-reliance in critical technology domains.
A Focus on Simpler Chips for Mass Market Applications
Globally, the semiconductor industry is increasingly dominated by innovations designed to meet the demanding requirements of AI and high-performance computing (HPC). While this bleeding edge of technology advancement is critical, they cater to markets with specialized applications.
Mindgrove, in contrast, is addressing the unmet needs of mass-market applications - to build something which is right for everybody who has been left behind by the very fast technology adoption curve. This includes industries that dominate India’s use cases today in sectors such as consumer electronics, automotive, and industrial IoT, while also highly strategic areas such as defense. Their solutions are designed to cater to the practical needs of Indian manufacturers and consumers, providing accessible technology without unnecessary complexity. This focus not only aligns with India’s market dynamics but also creates a foundation for scalable and sustainable growth.
Timing it right
The timing is also favorable. Supply and demand are both maturing. We, as a nation, have the design talent, and also the domestic demand who could be direct buyers of these chips.
The chips designed by the global firms are almost always overdesigned for the Indian market - our use cases may need only 70% of the features on the chip, but we end up paying for the remaining 30% which we don’t need.
The chips that are imported from China are definitely cheap, but bring their own restrictions in terms of usability, support, security concerns and limited features on offer.
A mid-tier of applications which require only a specific set of features, at competitive costs, secure and with developer support has now opened up.
A confluence of these factors makes it favorable for someone like Mindgrove to make their mark.
Leveraging RISC-V Architecture and the Shakti Processor
A key enabler of Mindgrove’s cost-effective and high-performance designs is their adoption of the RISC-V architecture. RISC-V’s open-source nature eliminates licensing costs and allows for highly customizable, modular designs, enabling Mindgrove to develop cost-effective chips tailored to Indian use cases.
Additionally, the company leverages the Shakti microprocessor—an indigenous initiative by IIT-Madras—to build chips that are both innovative and affordable. The modularity and flexibility of the RISC-V platform, combined with the proven capabilities of the Shakti microprocessor, enable Mindgrove to create customized solutions for Indian applications at significantly reduced costs.
Milestones since the last funding round
Our investment in Mindgrove reflects our conviction in their vision and execution. In early 2024, Mindgrove achieved a significant milestone by taping out its first chip, the Secure IoT SoC. Designed at a 28nm node, this high-performance microcontroller System-on-Chip (SoC) combines the functionalities of microcontrollers and microprocessors. It is specifically engineered for applications such as smart devices, point-of-sale systems, and access control units.
The successful taping out of Secure IoT is a testament to their technical prowess and reliability. Taping out a chip is one of the most challenging milestones in the semiconductor lifecycle, and Mindgrove’s achievement de-risks the development pipeline while instilling confidence in their roadmap.
Building on this foundation, Mindgrove is developing the Vision SoC, supported by the DLI scheme by the Ministry of Electronics and Information Technology (MEITy), Govt of India. This advanced chip is designed for high-performance edge computing and vision processing applications, including CCTV cameras, dashcams, and smart televisions.
Moreover, the company’s holistic approach—from R&D to customer-centric design—ensures they’re not just creating chips but building ecosystems that empower industries. Their strategy to address diverse verticals like automotive, healthcare, and consumer devices creates immense scalability and cross-sector impact.
The Founders and the Team
Mindgrove’s strength lies in the deep domain expertise that the founders Shashwath TR and Sharan Srinivas bring in. In addition to being technically competencies, what sets them apart is a strong customer-first mindset. Their ability to build solutions catering to the unique demands of Indian customers stems from hundreds of conversations with potential customers. Their leadership has also enabled them to successfully tape out the first chip and win a DLI grant to design and tape out the second.
Shashwath’s and Sharan’s vision is to build the Texas Instruments of India - building products, solutions and support ecosystems that will become the backbone of India's growing IoT, industrial, and consumer electronics sectors.
A Defining Moment for India’s Semiconductor Industry
Mindgrove’s journey epitomizes the potential of India’s semiconductor ecosystem. Their recent successes, from the Secure IoT SoC’s tape-out to the development of Vision SoC, represent significant strides towards technological self-reliance. These achievements underscore the value of fostering indigenous innovation in a sector as critical as semiconductors.
At Speciale Invest, we are proud to continue our conviction and double-down on Mindgrove Technologies as they lead the charge in the mission to advance India’s leadership in the global semiconductor landscape. As they continue to build on their early successes, we look forward to witnessing the lasting impact of their innovations on both domestic and international markets.
