A senior official stated that iVP Semiconductor Pvt Ltd, a startup producing fabless semiconductors, intends to establish a production test facility as part of its efforts to manufacture semiconductor chips for the home market.
Additionally, the business has raised $5 million in a pre-series A funding to support its expansion goals, according to co-founder and CEO Raja Manickam.
Veteran of the business, Manickam stated that his goal was to build the company to become a “global brand” while initially serving the clients in the home market.
Many multinational corporations currently provide services to the domestic semiconductor industry. Serving the sector as an Indian business is what I want to do. He stated, “iVP Semiconductor is an Indian startup that aims to become a global brand.
The company would concentrate on the power sector, which includes wind, solar, and renewable energy sources.
“We are going to be competitors to existing players with most of them being global companies,” he stated.
In response to a question, he stated that the business would establish a production test facility in Chennai as well as a comparable facility in the nation’s south.
“We aim for a revenue of $70-100 million in the next 3-4 years,” he responded to another question.
It would expand operations, set up testing facilities, increase its footprint, and spend the $5 million it earned through pre-Series A fundraising for marketing.
The Tamil Nadu government was in negotiations with iVP Semiconductor Pvt Ltd to establish a production plant on 20,000 square feet of land in Chennai. By October 2024, it is anticipated to be operational. It will be outfitted with design to testing capabilities (for chips), guaranteeing superior items and delivery assistance.
“Testing centre will be set up by us and we will buy the (semiconductor) wafers from Taiwan,” he stated.
Manickam stated that in addition to the electricity industry, his company would concentrate on other markets such as Internet of Things, electric two-wheelers, and electric vehicle charging stations.