In a seed round led by 3one4 Capital and Zephyr Peacock, AGNIT Semiconductors raised $3.5 million, their first investment in the semiconductor industry in India. Former Cognizant CEO and renowned angel investor Lakshmi Narayanan participated in the round in addition to two new investors.
The Bengaluru-based startup, which is five years old, has raised $4.87 million so far and intends to use the additional fund to expand its commercial and production activities.
In order to meet the rapidly changing demands, the company also plans to diversify its product line into new market niches, focusing on consumer electronics and electric two-wheelers. With a sales target of 100,000 semiconductor chips during the next 12 months, AGNIT hopes to support India’s drive for independence and innovation.
The Start-Up Anecdote of AGNIT
The Gallium Nitride Ecosystem Enabling Centre and Incubator, run by the Foundation for Science Innovation and Development (FSID) at the Indian Institute of Science (IISc) and supported by the Ministry of Electronics and Information Technology (MeITY), is home to one of the earliest startups, AGNIT.
The Karnataka government has also given the startup an award for their cutting-edge GaN semiconductor technology.
As part of the iDEX program, AGNIT has inked a Memorandum of Understanding with the Ministry of Defense to design and build next-generation wireless transmitters for defense applications using GaN technology, in keeping with the “Make in India” strategy.
Key Comments
Commenting on the investment, Pranav Pai, Founding Partner & CIO, 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, combined with their patented technologies, gives them a unique advantage in a competitive global market. We are excited to partner with Agnit Semiconductors as they scale their operations and take Indian semiconductor technology to the global market”
Sharing insights on the investment, Pankaj Raina, Managing Director, Zephyr Peacock, said, “The demand for GaN semiconductors is growing worldwide as they enable improved performance and energy efficiency, supporting the development of smaller and more cost-effective devices. Agnit has developed extensive know-how and proprietary processes to develop high-quality GaN materials and devices. We believe that the company will become a key stakeholder in the semiconductor supply chain in India and globally, and we are excited to partner with them in their journey.”
Speaking on the fundraise, Hareesh Chandrasekar, CEO and 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, 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.”
