Raja Manickam, has launched iVP Semi, a fabless semiconductor startup that designs semiconductors and owns their intellectual property (IP) while outsourcing manufacturing and packaging. The company has raised $5 million in a Pre-Series A funding round from undisclosed investors.
The funds will be used to establish testing facilities and expand iVP Semi’s presence in India. The company plans to set up chip design centers in Chennai and Bengaluru, licensing product IP from Taiwan, Japan, and the US. iVP Semi will handle internal chip and module testing to maintain control over the process.
Manickam stated, “Our mission is to localize semiconductor chip production, empowering Indian companies to improve product development cycles and achieve greater technological autonomy. This approach ensures tighter control over the chip supply chain and encourages semiconductor ecosystem partners to establish a local presence.”
In collaboration with the Tamil Nadu government, iVP Semi will set up a 20,000 sq. ft. production test facility in Chennai, expected to be operational by October 2024, offering design, testing, and certification capabilities. A second testing unit is planned for South India at an undisclosed location.
The startup aims to serve clients in renewable energy, electric vehicles (EVs), and automotive industries, with projected revenues of $70 million to $100 million within the next two to three years.
Ministry of Electronics and Information Technology (MeitY) Secretary S Krishnan commented, “iVP Semi plays an important role in creating demand to fill up manufacturing capacity in wafer fab and OSAT. Congratulations to iVP Semi for creating an Indian fabless chip company.”
With 40 years of industry experience, Manickam’s expertise and networks are expected to drive iVP Semi’s growth. The startup follows the model of companies like Nvidia, Qualcomm, and Broadcom, focusing on R&D while outsourcing production.