India's only vertically integrated GaN semiconductor startup AGNIT Semiconductors raises $3.5 million

AGNIT Semiconductors, which claims to be India's only vertically integrated Gallium Nitride (GaN) semiconductor startup, has raised $3.5 million in a seed funding round led by 3one4 Capital and Zephyr Peacock.

This marks 3one4 Capitals’ and Zephyr Peacocks’ first investment in India’s semiconductor space

Along with two new investors, the round also witnessed participation from Lakshmi Narayanan, the former CEO of Cognizant and noted angel investor.

Purpose of fundraising

The 5-year-old Bengaluru-based startup has raised $4.87 million in total so far and plans to utilise the fresh funds to scale its production and commercial operations.

Additionally, the startup is set to expand its offerings into new market segments, targeting consumer electronics and electric two-wheelers to cater to the evolving fast-changing needs.

Eyeing a sale of 100,000 semiconductor chips in the next 12 months, AGNIT aims to contribute to India's push for innovation and self-reliance.

“As we close our seed round with 3one4 Capital and Zephyr Peacock, it marks an extraordinary five-year journey where we've pioneered Gallium Nitride (GaN) technology to revolutionize specialized applications, augmenting traditional silicon," said Hareesh Chandrasekar, CEO and Co-founder of AGNIT Semiconductor.

What does AGNIT Semiconductors do?

AGNIT Semiconductors designs and manufactures GaN materials (wafers) and electronic components primarily for radio-frequency applications.

AGNIT’s GaN components offer compelling performance-price-footprint advantages for the defense and telecommunication industries. 

"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," Chandrasekar added.