Agnit Semiconductors Raises $3.5 Mn In Seed Round Led By 3one4 Capital

Agnit Semiconductors, a vertically integrated Gallium Nitride (GaN) semiconductor startup, has raised USD 3.5 million in a seed round led by 3one4 Capital and Zephyr Peacock, marking their first investment in India’s semiconductor sector. Along with two new investors, the round also witnessed participation from Lakshmi Narayanan, Cognizant's former chief executive officer and noted angel investor.

Speaking on the fundraise, Hareesh Chandrasekar, Co-founder of Agnit Semiconductor said, “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. GaN holds immense potential across sectors like 5G, fast charging, photovoltaic inverters, and beyond—its full impact is yet to be realised. 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.”

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

Commenting on the investment, Pranav Pai, Founding Partner, 3one4 Capital, said, “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. This vertical integration and their patented technologies give them a unique advantage in a competitive global market. We are excited to partner with Agnit as they scale their operations and take Indian semiconductor technology to the global market”

Agnit claimed that it is one of the first startups 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).