Mindgrove
Mindgrove Technologies is a Chennai-based fabless semiconductor startup designing RISC-V System-on-Chips (Secure IoT and Vision SoC families) for OEMs in surveillance, industrial, automotive, and biometric applications across India.
- Company typePrivate
- Founded2021
- HeadquartersChennai, India
- Headcount11–50
- GTM typeB2B
- OfferingHardware or Manufacturing
What Mindgrove does
Mindgrove Technologies is a Chennai-based fabless semiconductor company founded in 2021 by Shashwath T R (CEO) and Sharan Srinivas J (CTO), incubated at IIT Madras Research Park. The company designs RISC-V-based System-on-Chips (SoCs) using indigenously developed Shakti processor cores from IIT Madras, with fabrication outsourced to global foundries including TSMC. Its portfolio comprises the Secure IoT S2401 microcontroller (India's first commercial-grade 28nm RISC-V MCU with hardware-accelerated cryptography including AES, RSA, SHA, secure boot, and TRNG, operating at 700MHz under 200mW peak power) and the Vision SoC family (V2600 single-core at 1.2GHz and V2601 quad-core variants) targeting CCTV surveillance, biometric terminals, and industrial vision applications. A third Edge Compute product line for AI inference workloads is on the roadmap but not yet shipped.
The company's go-to-market combines direct enterprise sales to OEMs in automotive, industrial, and surveillance sectors (anchored by Bosch and Prama India) with a channel partnership through Pinetics for SoM-based distribution into biometric and IoT product makers. Revenue is generated primarily through one-time per-unit chip sales, supplemented by evaluation boards, SoM modules, and tiered integration support packages (Basic, Extended, Co-Develop). The company has raised approximately $10.32M in equity across seed (Feb 2023, $2.32M led by Sequoia/Peak XV) and Series A (Dec 2024, $8M co-led by Rocketship.vc and Speciale Invest) rounds, plus Rs 15 crore under India's DLI scheme. Strategic positioning is anchored in India's regulatory tailwind - STQC certification requirements excluding Chinese CCTV manufacturers - and structural cost advantages from the RISC-V open ISA.
Mindgrove firmographics
Firmographics- Name
- Mindgrove
- Legal name
- Mindgrove Tech
- Website
- https://mindgrovetech.in
- Company type
- Private
- Founded year
- 2021
- Operating status
- Operating
- Headcount range
- 11–50 employees
- Short description
- Mindgrove Technologies is a Chennai-based fabless semiconductor startup designing RISC-V System-on-Chips (Secure IoT and Vision SoC families) for OEMs in surveillance, industrial, automotive, and biometric applications across India.
- Ownership category
- akta.pro rank
Where Mindgrove is headquartered
LocationHeadquarters
- HQ city
- Chennai
- HQ country
- India
- HQ region
- Asia
Offices1 record
Markets served
Mindgrove business model
Business model- GTM type
- B2B
- Offering type
- Hardware or Manufacturing
- Cost components
- Technology or R&D, Personnel, Supply Chain, Operations, Marketing or Sales, Infrastructure
Revenue model
- Chip and SoC Sales: Mindgrove generates revenue primarily from selling its proprietary semiconductor chips — the Secure IoT S2401 microcontroller and Vision SoC family — directly to OEMs and product makers. Revenue is one-time per chip/unit, with volume scaling as production ramps.
- Evaluation Boards and SOM Modules: Mindgrove sells evaluation boards and System-on-Module products to developers and OEMs for prototyping and product development, creating an additional hardware revenue stream and driving adoption of its chips.
- Professional Services (Co-development Support): Mindgrove offers tiered support packages — Basic, Extended, and Co-Develop — to help customers integrate its chips onto boards and into finished products, generating services revenue alongside hardware sales.
Pricing tiers
| Model | Billing | Price |
|---|---|---|
| Unit Pricing | Pay-as-you-go | SoC Chips - quote-based |
| Unit Pricing | Pay-as-you-go | Evaluation Board (S2401) - direct purchase |
| Unit Pricing | Pay-as-you-go | SoM Module (M1x 2424) - direct purchase |
| Other | Multi-year contract | Integration Support Packages |
Go-to-market motion4 records
Distribution channels4 records
Marketing channels6 records
Mindgrove product offering
Product offeringCore offering
Mindgrove is a fabless semiconductor design company that designs and sells System-on-Chip (SoC) platforms built on RISC-V Shakti cores developed at IIT Madras. Its commercial products include the Secure IoT S2401 microcontroller for IoT and embedded devices and the Vision SoC family (V2600 single-core and V2601 quad-core) for edge AI and computer vision applications. The company also sells evaluation boards and System-on-Modules, and offers tiered integration support packages to help OEMs deploy its silicon into finished products.
Product overview
Mindgrove Technologies is a fabless semiconductor company building System-on-Chip (SoC) platforms for IoT and vision applications. The product portfolio consists of two main SoC families: (1) Secure IoT S2401 - India's first commercial-grade RISC-V based microcontroller with hardware security features for IoT and embedded devices, and (2) Vision SoC family (V2600 single-core and V2601 quad-core variants) - designed for edge computing, computer vision, and video processing in CCTV cameras, biometric systems, and automotive applications. Both product lines leverage indigenously developed RISC-V 'Shakti' cores from IIT Madras. The company offers evaluation boards, SOM modules, and development support at SoC, SOM, and PCB integration levels.
Differentiator
Problem solved
Functional benefit
Products and services
- Secure IoT S2401 India's first commercial-grade high-performance microcontroller built with a RISC-V Shakti C-Class 64-bit CPU at 700MHz on a 28nm process, featuring hardware crypto accelerators (AES-128/192/256, RSA 2048, SHA 256), secure boot, hardware TRNG, and FIPS-140-2 certified OTP. Optimized for IoT and embedded devices including smart locks, wearables, industrial automation, and smart meters.
- Vision SoC V2600 Single-core RV64-GCV @ 1.2 GHz (RISC-V) system-on-chip designed for smart cameras, biometric modules, and vision applications. Features H.264/H.265 video encoding, dual channel MIPI CSI-2 support, integrated cryptographic engine, and a wide operating temperature range of -40C to +125C.
- Vision SoC V2601 Quad-core RV64-GC @ 1+ GHz system-on-chip for advanced multimedia, industrial, and automotive applications. Features 128-bit vector processing, H.264/H.265 video codecs, integrated ISP, four MIPI interface channels, advanced security (AES, RSA, SHA, ECC, TRNG, OTP), and dual 1G Ethernet with TSN and MacSec.
- Secure IoT SoM M1x 2424 Compact System-on-Module based on the Secure IoT S2401 chip, providing a pre-built hardware platform for rapid prototyping and faster integration of embedded products. Available for direct purchase via Mindgrove's website.
- Secure IoT S2401 Evaluation Board Hardware platform that allows users to develop and evaluate embedded control designs targeting the Secure IoT S2401 SoC. Available for purchase with technical documentation.
- Integration Support Packages (Basic, Extended, Co-Develop) Tiered integration and co-development support services that help OEM customers integrate Mindgrove chips onto boards and into finished products. Three tiers (Basic, Extended, Co-Develop) are quoted upon commercial inquiry.
Quantifiable outcome
- Up to 30% device cost reduction vs imported chip alternatives
- +3 more outcomes
Companies that use Mindgrove
Customer profileNamed customers3 records
Segments5 records
Ideal customer profiles3 records
Mindgrove technology and API
TechnologyTechnology focussed Yes
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
AI capability4 records
Feature5 records
Mindgrove partnerships and signals
Strategic signalPartnerships
Five partnerships are on record, tiered flagship and core.
- Prama IndiaflagshipMindgrove signed a MoU with Prama India for the first commercial deployment of its Vision SoC chip designed for CCTV surveillance cameras and security systems. The agreement is Mindgrove's first major customer engagement for the Vision chip, allowing both companies to align product requirements during development. India's new STQC certification rules excluding Chinese manufacturers (Hikvision, Dahua) have created a market opening for domestic chip and equipment makers.
- PineticsflagshipTwo-year commercial partnership with Pune-based Pinetics integrates Mindgrove's Secure IoT chips into Pinetics' System on Modules for biometric access control systems, smart locks, and camera applications. This collaboration bridges India's gap between chip design and product-level deployment, enabling an indigenous system-on-module ecosystem for the first time. Pinetics designs modules around Mindgrove's chips, strengthening vertical integration in India's electronics value chain.
- Government of India (DLI Scheme)coreMindgrove secured Rs 15 crore (~USD 1.8M) under India's Design-Linked Incentive (DLI) scheme in September 2024 to develop its Vision SoC product line. The DLI scheme is part of the India Semiconductor Mission designed to support domestic chip design companies.
- BoschcoreMindgrove partnered with Bosch for indigenous semiconductor design solutions targeting automotive, industrial, and related applications. The partnership provides Mindgrove access to Bosch's automotive and industrial ecosystem while positioning Mindgrove chips for use in safety-critical and industrial environments.
- Imagination TechnologiescoreMindgrove partnered with UK's Imagination Technologies to access intellectual property for designing chips, particularly GPUs and AI accelerators. The collaboration enables Mindgrove to leverage Imagination's GPU IP alongside its indigenously developed Shakti cores for automotive, industrial, security, and aviation applications. This was Mindgrove's first major IP partnership, joining Imagination's Open Access Program.
Scale indicators9 records
Recent moves6 records
Expansion highlights6 records
Mindgrove competitors and assessment
Company assessmentDirect peers
- SiFive: SiFive is a leading RISC-V core IP and SoC design company. It is directly comparable to Mindgrove as both design RISC-V-based silicon for IoT, AI, and edge applications, though SiFive is more IP-focused and US-based with significantly larger funding.
- StarFive: StarFive is a China-based RISC-V SoC designer offering Vision and Edge AI SoCs. Direct comparison with Mindgrove as both compete in RISC-V-based multimedia and IoT SoCs targeting similar application segments globally.
- Tenstorrent: Tenstorrent designs RISC-V-based AI accelerator and compute processors. Direct peer in the RISC-V compute and edge AI category, though Tenstorrent focuses more on data center and high-end AI workloads versus Mindgrove's IoT/vision positioning.
Emerging players
- InCore Semiconductors: InCore is an India-based RISC-V processor IP company incubated at IIT Madras, using the same Shakti core lineage as Mindgrove. It represents a domestic emerging peer in the Indian RISC-V ecosystem with focus on processor cores rather than full SoCs.
- MosChip Technologies: MosChip is an India-headquartered semiconductor and IoT design services company. Emerging regional peer in the Indian semiconductor ecosystem with comparable fabless/SoC ambitions and India-market focus.
Broad incumbents
- NXP Semiconductors: NXP is a global incumbent in microcontrollers and edge processors with dominant share in automotive and industrial IoT. Broadly comparable to Mindgrove's target markets but with vastly greater scale, established software ecosystems, and entrenched OEM relationships.
- STMicroelectronics: STMicroelectronics is a leading global MCU and SoC supplier with strong presence in industrial and IoT segments. Comparable to Mindgrove's Secure IoT target market but with mature STM32 ecosystem and global Tier-1 customer base.
- MediaTek: MediaTek is a major fabless SoC designer with vision/edge AI and IoT product lines (Genio series). Comparable to Mindgrove's Vision SoC ambitions but with substantially larger R&D and global commercial scale.
- UNISOC: UNISOC is a Chinese fabless chip designer offering mobile, IoT, and edge AI SoCs at aggressive price points. Broad incumbent comparable to Mindgrove's IoT and vision target segments, particularly relevant as a Chinese competitor that STQC mandates aim to exclude.
Regional players
- Saankhya Labs: Saankhya Labs is an India-based semiconductor design company acquired by Tejas Networks, focused on wireless communication SoCs. Regional peer in the Indian chip design ecosystem targeting similar domestic market opportunities.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat5 records
Key risks6 records
Key highlights7 records
Customer concentration
Mindgrove social profiles
Digital presenceMindgrove compliance and trust
Trust signalCompliance1 record
Mindgrove financial estimates
Financial estimateRevenue estimate
Valuation estimate
Mindgrove leadership team
Management profileNumber of profiles
Profiles3 records
Mindgrove funding detail
Funding detailFunding overview
Funding rounds2 records
Investors5 records
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Mindgrove M&A and investment
M&A and investmentM&A
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Mindgrove
What does Mindgrove do?
Mindgrove is a fabless semiconductor design company that designs and sells System-on-Chip (SoC) platforms built on RISC-V Shakti cores developed at IIT Madras. Its commercial products include the Secure IoT S2401 microcontroller for IoT and embedded devices and the Vision SoC family (V2600 single-core and V2601 quad-core) for edge AI and computer vision applications. The company also sells evaluation boards and System-on-Modules, and offers tiered integration support packages to help OEMs deploy its silicon into finished products.
Is Mindgrove a public or private company?
Mindgrove is a private company. It is classified as venture growth investor backed and is currently operating.
When was Mindgrove founded?
Mindgrove was founded in 2021. It employs 11 to 50 people.
Where is Mindgrove based?
Mindgrove is headquartered in Chennai, India, in the Asia region.
How does Mindgrove make money?
Three revenue lines are on record. Chip and SoC Sales are the primary driver. The others are evaluation Boards and SOM Modules and professional Services (Co-development Support).
Who are Mindgrove's main competitors?
Direct peers on record are SiFive, StarFive and Tenstorrent. Emerging players are InCore Semiconductors and MosChip Technologies. Broad incumbents are NXP Semiconductors, STMicroelectronics, MediaTek and UNISOC. Saankhya Labs is listed as a regional player.
Does Mindgrove have an API?
No public API is recorded for Mindgrove.