Tessolve founder and former CEO of Tata Electronics (OSAT unit), Raja Manickam launches iVP Semi, a fabless semiconductor startup focused on localizing chip production. The startup aims to drive innovation and development locally with strong system design competencies to help chip manufacturers and suppliers and compete both domestically and globally.
iVP Semi has already secured $5 million in pre-Series A funding, which Raja aims to use to build India presence, scale operations, set up testing facilities and activate marketing initiatives.
The startup is setting up chip design centers in Chennai and Bangalore, while licensing its product IP from Taiwan, Japan and the US.
An asset-lite company, this fabless startup will have chip and module testing done internally. It is working with the State Government of Tamil Nadu to setup its first 20,000 sq. ft. production facility in Chennai and will be fully operational by October 2024. It will have in-house capabilities from design to testing, ensuring high quality products along with post-delivery support. It will also feature discreet and power modules testing along with reliability and safety certification centers to reduce time to market for iVP Semi customers.
The second test facility will come up shortly in another location of South India.
Through its operations in India iVP Semi will predominantly service the local Renewables, EV, and Automotive industries. The company aims to achieve a revenue of $70 million- $100 million in the next two to three years.
Commenting on the launch of iVP Semi, Raja Manickam, Founder & CEO, iVP Semi, said, “As a startup, iVP Semi recognizes the challenges faced by Indian semiconductor startups that aimed for the global market from the outset. Many struggled to survive due to the time and financial resources required to compete with established giants. Hence, our mission is to localize semiconductor chip production, empowering Indian companies to improve product development cycles and achieve greater technological autonomy. This approach not only ensures tighter control over the chip supply chain but also fosters an environment where semiconductor ecosystem partners are encouraged to establish a local presence. We envision a ripple effect where technology solutions developed by Indian companies will address global challenges, benefiting everyone.”
On this occasion, S. Krishnan, Secretary, Ministry of Electronics and Information Technology (MeitY), Government of India, said, “The semiconductor industry is vital for the country and India has the talent, deep expertise and scalability to be a global player. The Government is helping industries to create the ecosystem to build semiconductors. iVP Semi plays an important role in creating demand to fill up the manufacturing capacity in wafer fab and OSAT. I would like to congratulate iVP Semi on the creation of an Indian fabless chip company.”
