Chennai Fabless semiconductor startup iVP Semiconductor Pvt Ltd plans to set up a production testing facility as part of its drive to produce semiconductor chips in the domestic market, a top official said.
The company also raised $5 million in pre-Series A funding for its expansion plans, said co-founder and CEO Raja Manickam.
Manickam, an industry veteran, said his aspiration was to first serve customers in the domestic market and then expand the company into a "global brand".
"Nowadays, several global companies are serving the domestic semiconductor industry. I want to serve the industry as an Indian company. iVP Semiconductor is an Indian company and would become a global brand." he said.
The company would focus on the energy sector, including renewable energy, the solar industry and wind energy.
"We are going to be competitors to existing players and most of them will be global companies," he said.
To a question, he said the company would set up a production trial facility in Chennai and a similar facility in the south of the country.
To another question he replied: "Our goal is to reach revenues of between $70 million and $100 million in the next 3 or 4 years," he said.
The $5 million raised through pre-Series A funding would be used to strengthen its presence, expand its operations, establish testing facilities, and for marketing purposes.
iVP Semiconductor Pvt Ltd was in talks with the Tamil Nadu government to set up a manufacturing facility on a 20,000 sq ft land in Chennai. It is expected to be operational in October 2024 and would be equipped with design for (chip) testing, ensuring high quality products along with delivery support.
"We will create a test center and buy the (semiconductor) wafers from Taiwan," he said.
Apart from the power sector, Manickam said his company would also focus on other segments such as electric two-wheelers, electric vehicle charging facilities and Internet of Things.
The company also raised $5 million in pre-Series A funding for its expansion plans, said co-founder and CEO Raja Manickam.
Manickam, an industry veteran, said his aspiration was to first serve customers in the domestic market and then expand the company into a "global brand".
"Nowadays, several global companies are serving the domestic semiconductor industry. I want to serve the industry as an Indian company. iVP Semiconductor is an Indian company and would become a global brand." he said.
The company would focus on the energy sector, including renewable energy, the solar industry and wind energy.
"We are going to be competitors to existing players and most of them will be global companies," he said.
To a question, he said the company would set up a production trial facility in Chennai and a similar facility in the south of the country.
To another question he replied: "Our goal is to reach revenues of between $70 million and $100 million in the next 3 or 4 years," he said.
The $5 million raised through pre-Series A funding would be used to strengthen its presence, expand its operations, establish testing facilities, and for marketing purposes.
iVP Semiconductor Pvt Ltd was in talks with the Tamil Nadu government to set up a manufacturing facility on a 20,000 sq ft land in Chennai. It is expected to be operational in October 2024 and would be equipped with design for (chip) testing, ensuring high quality products along with delivery support.
"We will create a test center and buy the (semiconductor) wafers from Taiwan," he said.
Apart from the power sector, Manickam said his company would also focus on other segments such as electric two-wheelers, electric vehicle charging facilities and Internet of Things.
