Sequoia Capital India Leads Seed Funding Round for Mindgrove Technologies

• ByStartupStory     |    February 23, 2023

Mindgrove Technologies secures $2.325M seed funding led by Sequoia Capital India, Duro Capital, Speciale Invest, Whiteboard Capital, Ashwini Asokan (Mad Street Den), and Nischay Goel.

Founded by Shashwath T. R. and Sharan Srinivas J. in 2021, Mindgrove is a deep-tech startup focused on designing system-on-chips (SoCs) for various industries, including the Internet of Things (IoT), automotive, consumer electronics, industrial automation, security, and aviation.

Mindgrove, a Chennai-based deep-tech firm that designs system-on-chips for various industries, has secured $2.325 million in seed funding from investors including Sequoia Capital India, Speciale Invest, Whiteboard Capital, Duro Capital, Ashwini Asokan, and Nischay Goel.

The company plans to use the funds to expand its recruitment efforts and invest in technological advancements. Mindgrove aims to cater to the Indian market’s demand for semiconductors by designing chips specifically for the region. The investment comes at a time of increased deal activity in India’s deeptech sector, with firms such as Praan raising $1.56 million earlier this year in a funding round led by Social Impact Capital.

During the same period, Exfinity Venture Partners led a pre-Series A funding round where Chara Technologies, based in Bengaluru, raised $4.75 million (approximately Rs 39 crore). In addition, Sequoia Capital India has been involved in numerous early-stage deals, having invested in notable businesses such as Byjus, CRED, Freshworks, Groww, Mamaearth, Pine Labs, Razorpay, Truecaller, and Zomato, among others. This indicates a surge in deal activity in India’s startup ecosystem, particularly in deeptech and early-stage startups.

In February, Hatica, a software-as-a-service (SaaS) startup, secured $3.7 million in venture funding from the company’s accelerator programme, Surge. During the same period, Surge also led the $12 million Series A funding round for Freightify. According to data from the market analytics platform Venture Intelligence, the VC firm completed 71 deals last year, indicating its dominance in venture capital investments in India in 2022.

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