Semiconductor startup AGNIT Semiconductors raises $3.5M round led by 3one4 Capital, Zephyr Peacock – SME News
Semiconductor startup AGNIT Semiconductors on Thursday said it has raised $3.5 million in a seed round led by 3one4 Capital and Zephyr Peacock. The deal marks the first investment in India’s semiconductor sector by investors. The round also saw participation from Lakshmi Narayanan, the former CEO of Cognizant and noted angel investor. The latest capital infusion takes the company’s total funding to $4.87 million.
AGNIT Semiconductors said it aims to invest fresh capital to ramp up its production and commercial operations and also expand its offerings into new market segments, targeting consumer electronics and electric two-wheelers.
The company is eyeing the sale of 100,000 semiconductor chips in the next 12 months.
Speaking on the funding, Hareesh Chandrasekar, CEO and Co-founder of AGNIT Semiconductor said the seed round marks five-year journey where the company pioneered Gallium Nitride (GaN) technology to revolutionize specialized applications, augmenting traditional silicon.
“GaN holds immense potential across sectors like 5G, fast charging, PV inverters, and beyond—its full impact is yet to be realized. Achieving this requires unwavering support, and we’ve been fortunate to have the backing of IISc and MeitY. As we scale our market presence, we’re also committed to strengthening our leadership team to steer the company towards greater success,” he said.
AGNIT said it is one of the first startup incubated by the Gallium Nitride Ecosystem Enabling Centre and Incubator managed by the Foundation for Science Innovation and Development (FSID) located at the Indian Institute of Science (IISc), funded by the Ministry of Electronics and Information Technology (MeITY).
The startup had won an award from the Government of Karnataka for their GaN semiconductor technology. It had recently signed an MoU as part of the iDEX program with the Ministry of Defence to design and develop next-generation wireless transmitters for defence applications using GaN technology.
“Agnit Semiconductors is breaking new ground by advancing Gallium Nitride technology in India, a critical component for the future of global electronics and energy systems. Agnit represents the new wave of Indian deep tech startups – born from rigorous research, focused on critical technologies, and positioned for global impact. What sets Agnit apart is its end-to-end capability – from materials to ASICs,” said Pranav Pai, Founding Partner & CIO, 3one4 Capital.