AGNIT Semiconductors raises $3.5 million in seed round

Hareesh Chandrasekhar, CEO and co-founder of AGNIT Semiconductors

Bengaluru-based AGNIT Semiconductors has secured $3.5 million in a seed funding round led by 3one4 Capital and Zephyr Peacock, with participation from Lakshmi Narayanan, former CEO of Cognizant.

This marks both firms' first investment in India's semiconductor sector, particularly in Gallium Nitride (GaN) technology — a material known for its high efficiency in sectors like 5G, electric vehicles and defense.

AGNIT plans to use the funds to scale its production and explore new markets, including consumer electronics and electric two-wheelers. The firm aims to produce 1,00,000 GaN chips in the next year.

GaN is emerging as a superior alternative to traditional silicon.  “GaN holds immense potential across sectors like 5G and fast charging. Its full impact is yet to be realised," AGNIT co-founder and CEO Hareesh Chandrasekar said.

"As we scale our market presence, we’re also committed to strengthening our leadership team to steer the company towards greater success."

AGNIT is one of the first startup incubated by the Gallium Nitride Ecosystem Enabling Centre and Incubator managed by the Foundation for Science Innovation and Development (FSID) at Indian Institute of Science (IISc), funded by Ministry of Electronics and Information Technology (MeITY).

"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," Pranav Pai, founding partner & CIO, 3one4 Capital, said.