iVP Semiconductor to Boost Domestic Chip Production with New Test Facility

Fabless semiconductor startup, iVP Semiconductor Pvt Ltd, plans to establish a production test facility in Chennai to boost domestic semiconductor chip production. Co-founder and CEO Raja Manickam revealed a USD 5 million pre-Series A funding acquisition to support these expansion plans, aiming to transform the company into a global brand.

Fabless semiconductor startup iVP Semiconductor Pvt Ltd plans to establish a production test facility in Chennai as part of its strategy to bolster domestic semiconductor chip production, according to a top official.

The firm has also raised USD 5 million in pre-series A funding to support its expansion, said Co-founder and CEO Raja Manickam. He emphasized the company's goal to prioritize serving the domestic market before aspiring to become a global brand.

Manickam, an industry veteran, stated, "Today, the domestic semiconductor industry is being served by several global companies. I want to serve the industry as an Indian company. iVP Semiconductor is an Indian company, and it will become a global brand." The company will focus on the power sector, including renewable energy industries like solar and wind.

Manickam highlighted the company's competitive edge against existing global players and mentioned plans to set up another facility in southern parts of the country. Aiming for a revenue of USD 70-100 million in the next 3-4 years, the funding will be utilized to scale operations, establish testing facilities, and enhance marketing efforts.

Engaged in talks with the Tamil Nadu government, iVP Semiconductor expects to operationalize a 20,000 sq ft production facility by October 2024, equipped with chip design and testing capabilities to ensure high-quality products and delivery support. "Testing centers will be set up by us, and we will source semiconductor wafers from Taiwan," Manickam added.

Additionally, the company will target other segments such as electric two-wheelers, electric vehicle charging facilities, and the Internet of Things.

(With inputs from agencies.)