Speciale Invest-led the seed investment round of $2.76 million, or around INR 23 crore, for the fabless semiconductor firm Morphing Machines. The Bengaluru-based startup intends to utilize the additional funding to support its go-to-market operations, improve its product stack, prototyping, and onboard more people.
S K Nandy, Ranjani Narayan, and Deepak Shapeti founded Morphing Machines in 2006; the company was nurtured by IISc Bangalore’s technological entrepreneurship program.
Under the Design Linked Incentive Scheme (DLI) and Chips to Startup (C2S) programs, the Morphing Machines claims to have received support from the Ministry of Electronics & Information Technology (MeitY) to develop REDEFINE, a “many-core” processor that can handle a variety of applications, including data analysis, artificial intelligence, telecommunications, and high-performance computing.
Morphing Machines aims to shorten the time and cost required to bring products to market while providing clients with improved performance and energy efficiency through the use of this adaptable processor aka “many-core” processor.
IvyCap Ventures, Golden Sparrow, Navam Capital, CIIE Initiatives, and DeVC were among the other investors in the round for Morphing Machines.
The semiconductor industry in India has grown significantly in the last several years. Three bids for semiconductors from private companies, totaling INR 1.26 lakh crore in investment, were accepted by the Union Cabinet earlier this year.
The US-based semiconductor behemoth Micron is now developing an ATMP factory in Gujarat, involving an expenditure of more than INR 22,000 Cr.
On the other hot news for semiconductor manufacturing in India, Tata Group and Taiwan’s Powerchip Semiconductor Manufacturing Corporation (PSMC) have come together to lay the foundation of the first semiconductor chip plant in Gujarat’s Dholera.
Meanwhile, the size of the Indian semiconductor market was estimated at USD 34.3 billion in 2023 and is projected to grow at a compound annual growth rate (CAGR) of 20.1% to reach USD 100.2 billion by 2032.