The company has also secured $ 5 million in a pre-series A Funding for its expansion plans
Press Trust of India Chennai
Fabless semiconductor startup iVP Semiconductor Pvt Ltd has plans to set up a production test facility as part of its drive to produce semiconductor chips in the domestic market, a top official said.
The company has also secured $ 5 million in a pre-series A Funding for its expansion plans, Co-founder and CEO Raja Manickam said.
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An industry veteran, Manickam said his aspiration was to first serve the clients in the domestic market and later expand the company to become a ‘global brand.’
“Today domestic semiconductor industry is being served by several global companies. I want to serve the industry as an Indian company. iVP Semiconductor is an Indian company and it would become a global brand.” he said.
The company would focus on power sector including renewable energy, solar industry, wind energy.
“We are going to be competitors to existing players with most of them being global companies,” he said.
To a query, he said the company would set up a production test facility in Chennai and similar facility in southern parts of the country.
To another query, he said, “We aim for a revenue of $ 70-100 million in the next 3-4 years,” he said.
The $ 5 million raised through pre-Series A funding would be used to build its presence, scale operations, set up testing facilities and for marketing purposes.
iVP Semiconductor Pvt Ltd was engaged in talks with the Tamil Nadu government to set up a production facility on a 20,000 sq ft land in Chennai. It is expected to be operational by October 2024 and would be equipped with design to testing (of chips), ensuring high quality products along with delivery support.
“Testing centre will be set up by us and we will buy the (semiconductor) wafers from Taiwan,” he said.
Besides power sector, Manickam said his company would also focus on other segments like electric -2-wheelers, electric vehicle charging facilities, Internet of Things.
Omprakash Tiwary is a business writer who delves into the intricacies of the corporate world. With a focus on finance and economic landscape. He offers readers valuable insights into market trends, entrepreneurship, and economic developments.
