MiPhi Semiconductors

What MiPhi Semiconductors does

MiPhi Semiconductors Private Limited is a 2024 joint venture between Taiwan's Phison Electronics (TPEX: 8299) and India's Micromax Informatics, established as India's first NAND flash storage design and manufacturing company. The firm licenses Phison's 2,100+ patent portfolio and 24+ years of NAND controller R&D to design, develop, and manufacture a full NAND storage product line in India, including consumer SSDs (MP100), gaming SSDs (MP700G4), external SSDs, USB drives, memory cards, enterprise SSDs across four series (X-Series performance, D-Series data center, B-Series boot, S-Series SATA), and embedded solutions (eMMC, UFS, BGA SSD). Its flagship aiDAPTIV+ platform extends GPU memory using NAND flash to enable large language model training—up to Llama 2 70B on a single workstation and Llama 3.1 405B on a single server—backed by aiDAPTIVLink middleware, a drag-and-drop GUI, and a custom 100 DWPD ai100E SSD. The product targets automotive manufacturers, data centers, AI/ML organizations, OEM/ODMs, and consumer/embedded verticals.

MiPhi's business model rests on three revenue streams: hardware sales of flash storage products across enterprise, consumer, and embedded categories; AI appliance sales configured with aiDAPTIV+ technology and delivered through system integrators ANT PC and Esconet; and customized SSD design services via Phison's IMAGIN+ offering for private-label and ASIC customization. Go-to-market is multi-channel: direct enterprise sales through offices in Gurugram (HQ), Bengaluru (R&D), and Chennai, supplemented by enterprise distributors (Comprint, Millennium), embedded distributors (Elektronika), and consumer distributors (Rashi Peripherals, Multi Electronics, Specx, plus international partners Bright in Bangladesh and Compusouk in UAE). Manufacturing is executed through Bhagwati Products Limited (Micromax's manufacturing arm) across four Indian facilities in Noida, Greater Noida (1,000,000 sq ft), Hyderabad, and Bhiwadi.

The most recent disclosed revenue was Rs 250 crore in Q1 FY27 (June 2026 quarter), with management projecting Rs 1,000 crore in full-year FY27—a 10x increase from the Rs 100 crore baseline of the prior fiscal year. The growth strategy is anchored on capitalizing on the global memory chip shortage—where approximately 40% of memory wafer manufacturing is now allocated to AI data centers—to secure long-term supply agreements with Indian automotive manufacturers, set-top box makers, and major cloud providers. MiPhi holds ISO 27001 certification and is strategically aligned with the Government of India's Make in India semiconductor initiative.

Name

MiPhi Semiconductors

Legal name

MiPhi Semiconductors Private Limited

Website

https://miphi.in

Company type

Private

Founded year

2024

Operating status

Operating

Headcount range

11–50 employees

Short description

MiPhi Semiconductors is a 2024 joint venture between Taiwan's Phison Electronics and India's Micromax Informatics that designs and manufactures NAND flash storage products—consumer, enterprise, and embedded SSDs plus the aiDAPTIV+ AI training platform—primarily for Indian automotive, data center, and AI customers.

Ownership category

akta.pro rank

Product category

Semiconductor Storage (NAND Flash Memory & SSDs)

NAICS

Computer Storage Device Manufacturing (334112), Semiconductor and Related Device Manufacturing (334413), Computer and Peripheral Equipment Manufacturing (33411)

SIC

Computer Storage Devices (3572), Magnetic & Optical Recording Media (3695)

akta.pro primary industry

NAND Flash (SLC/MLC/TLC/QLC/3D NAND) (HDAHAKAB)

akta.pro secondary industries

Embedded & Managed NAND (eMMC/UFS/eMCP) (HDAHAKAG), Storage & Interface Controllers (SSD/NVMe/UFS/USB/PCIe) (HDAHABAG), AI Memory & Storage for Training (HBM/DDR/SSD/Object Storage) (HDAAAAAF), Memory Cards (SD/microSD/CFexpress) (HDACAIAD), Storage Controllers (SSD/UFS/eMMC) (HDAHAKAD)

Keywords

• NAND flash storage
• Enterprise SSD design
• Embedded memory solutions
• AI training storage
• Semiconductor manufacturing

Headquarters

HQ city

Gurugram

HQ country

India

HQ region

Asia

Offices6 records

Markets served

GTM type

B2B and B2C

Offering type

Hardware or Manufacturing

Cost components

Supply Chain, Operations, Personnel, Technology or R&D, Infrastructure, Marketing or Sales

Revenue model

1. Flash Storage Products (Enterprise, Consumer, Embedded): Sale of NAND flash-based storage products across Enterprise SSDs (X-Series, D-Series, B-Series, S-Series), Consumer SSDs, Gaming SSDs, External SSDs, USB drives, Memory Cards, Embedded storage (eMMC, UFS, BGA SSD). Revenue from last fiscal year was Rs 100 crore, with June quarter already crossing Rs 250 crore. Company projects Rs 1,000 crore revenue in FY27, representing a 10x growth trajectory.
2. AI Appliances (aiDAPTIV+ Systems): Sale of AI workstations pre-configured with aiDAPTIV+ technology, including ANT PC branded systems (PHEIDOLE-100, 200, 300) with GPU and NAND flash storage configurations for LLM training. System integrators (ANT PC, Esconet) provide complete appliance solutions.
3. Customized Design Services (IMAGIN+): Custom SSD design, ASIC design, and storage controller module customization services for enterprise customers through Phison's IMAGIN+ design services, enabling private-label product offerings.

Go-to-market motion3 records

Distribution channels6 records

Marketing channels6 records

Core offering

MiPhi designs, develops, and manufactures NAND flash storage products for enterprise, consumer, embedded, AI, and security markets. The portfolio includes Consumer/Gaming SSDs, USB drives, memory cards, external SSDs, enterprise SSDs (X-Series, D-Series, B-Series, S-Series), embedded storage (eMMC, UFS, BGA SSD), and the aiDAPTIV+ AI storage platform for LLM training. The company licenses Phison's NAND controller technology and manufactures in India through Micromax's Bhagwati Products Limited facilities.

Product overview

MiPhi Semiconductors offers a comprehensive NAND flash storage portfolio across Consumer, Enterprise, Embedded, and AI categories, manufactured in India through its parent company Phison Electronics and partner Micromax. The product lineup includes Consumer SSDs (MP100) and Gaming SSDs (MP700G4) for personal computing; USB drives, Memory Cards, and External SSDs (STORM 1100X) for removable storage; Enterprise SSDs organized into four series (X-Series for performance, D-Series for data centers, B-Series for boot drives, S-Series for SATA legacy systems); Embedded solutions including eMMC, UFS, and BGA SSDs for automotive, IoT, and mobile applications; and aiDAPTIV+ as the flagship AI solution enabling large language model training through NAND flash memory extension technology.

Differentiator

Problem solved

Functional benefit

Brands

• aiDAPTIV+: AI storage solution platform for training large language models without additional GPU infrastructure, leveraging NAND flash memory to extend GPU memory capacity.
• IMAGIN+

Products and services

• Consumer SSD (MP100) Internal SSDs for everyday computing, offering fast boot times and application loading for personal PCs and laptops.
• Gaming SSD (MP700G4) High-performance SSDs designed for gamers seeking ultra-fast load times and seamless gameplay, including the MP700G4 PCIe 4.0 model.
• USB Drives Portable flash storage solutions for everyday data transfer needs between devices.
• Memory Cards (SD/microSD) SD and microSD cards for mobile devices and creative applications, including high-capacity options for 4K video recording.
• External SSD (STORM 1100X) Portable storage solutions with Thunderbolt and USB connectivity for seamless data transfer, including the STORM 1100X model.
• Enterprise Performance X-Series SSDs (X100, X200) Highest-performing enterprise-class SSDs designed for extreme write intensity with vast capacity options. Includes X100 (PCIe Gen4) and X200 (PCIe Gen5) models in U.2/U.3/E3.S form factors, reaching up to 14.8 GB/s sequential read.
• Data Center D-Series SSDs (D100, D200V, D200P, D200E) Enterprise storage solutions optimized for data centers with reduced power consumption. D200V achieves up to 122TB capacity per drive, equivalent to 10 HDDs in a single unit.
• Boot Drive B-Series SSDs (B100, BA50) Reliable boot drives for servers and workstations with I/O consistency. Includes B100 (PCIe Gen5 M.2 2280) and BA50 (SATA M.2/2.5") models.
• SATA S-Series SSDs (SA50V, SA50E) High-performance, large-capacity SATA SSDs for legacy servers, designed to extend existing infrastructure without complete overhaul. Includes SA50V and SA50E models scaling to 15.36TB.
• eMMC Embedded Storage Embedded flash storage solutions for next-generation devices with automotive and industrial grade durability, supporting eMMC 5.1 standard.
• UFS Embedded Storage Ultra-fast embedded flash storage for next-generation mobile devices. Supports UFS 2.1, 2.2, and 3.1 standards including PS8325 controller.
• BGA SSD (Phison MPT560 PS5021-E21TI) Compact ball grid array SSDs for embedded platforms. Phison MPT560 (PS5021-E21TI) offers PCIe Gen 4x4 speeds with 64GB to 1024GB capacities, reaching up to 3650 MB/s read and 2900 MB/s write.
• aiDAPTIV+ AI Storage Platform AI storage solution that enables training of large language models beyond GPU memory limitations using NAND flash-based memory extension. Supports models up to 70B parameters on single workstations and 405B on servers. Includes aiDAPTIVLink middleware, aiDAPTIVCache SSD with 100 DWPD endurance and 5-year warranty, and a drag-and-drop GUI for building, deploying, and managing AI models.
• IMAGIN+ Custom SSD Design Services Custom SSD design services for enterprise customers offering industry-leading controllers and complete SSDs under private label. Includes ASIC design and storage controller module customization.

Quantifiable outcome

• Up to Llama 70B model training on a single local workstation PC (vs. traditional data-center-only capability)
• +4 more outcomes

Named customers8 records

Segments6 records

Ideal customer profiles6 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration1 record

AI capability2 records

Feature5 records

Partnerships

17 partnerships are on record, tiered core, major and minor.

• Phison Electronics (Taiwan)coreStrategic or Co-development Partner · 1 January 2024Phison Electronics, a leading NAND flash controller company founded in Taiwan in 2000, partnered with Micromax to form MiPhi as a joint venture in 2024. Phison contributes 24+ years of NAND flash expertise, 2,100+ patents, and a team of close to 4,000 engineers. Nearly 1 in 4 SSDs shipped globally uses Phison technology.
• Micromax Informatics Limited (India)coreStrategic or Co-development Partner · 1 January 2024Micromax Informatics Limited, one of India's leading consumer electronics companies and the 10th largest mobile phone player globally, partnered with Phison to form MiPhi. Micromax contributes manufacturing capabilities (4 factories, 6,000+ employees, 20+ years of experience) and extensive customer reach in India, aligned with the Make in India initiative.
• Bhagwati Products Limited (Micromax Group)coreOEM/ Whitelabel/ Licensing PartnerManufacturing partner operating MiPhi's production facilities across India (Noida, Hyderabad, Bhiwadi, Greater Noida). The Greater Noida facility spans 1,000,000 Sq.ft. with SMT manufacturing, LED TV manufacturing, final assembly lines, and testing labs. Bhagwati Products is part of the Micromax Group.
• ComprintcoreChannel Partner/ Reseller/ DistributorEnterprise distribution partner for MiPhi's enterprise SSD products in India.
• MillenniumcoreChannel Partner/ Reseller/ DistributorEnterprise distribution partner for MiPhi's enterprise SSD products in India.
• ElektronikacoreChannel Partner/ Reseller/ DistributorSpecialized embedded system distribution partner for MiPhi's embedded storage products in India.
• Rashi PeripheralsmajorChannel Partner/ Reseller/ DistributorConsumer distribution partner for MiPhi's consumer storage products, headquartered in Mumbai, India.
• Multi ElectronicsmajorChannel Partner/ Reseller/ DistributorConsumer distribution partner for MiPhi's consumer storage products, headquartered in Bangalore, India.
• BrightminorChannel Partner/ Reseller/ DistributorInternational consumer distribution partner for MiPhi's storage products in Dhaka, Bangladesh.
• CompusoukminorChannel Partner/ Reseller/ DistributorInternational consumer distribution partner for MiPhi's storage products in Dubai, UAE.
• ANT PCmajorChannel Partner/ Reseller/ DistributorSystem integrator partner providing aiDAPTIV+ AI workstation appliances (PHEIDOLE-100, 200, 300) configured with MiPhi's aiDAPTIV+ NAND storage drives, Intel processors, NVIDIA GPUs, and DDR4 ECC RAM.
• EsconetmajorChannel Partner/ Reseller/ DistributorSystem integrator partner providing AI appliance solutions and support for aiDAPTIV+ deployments.
• IntelcoreTechnology or IntegrationIntel is a technology partner in the MiPhi aiDAPTIV+ collaboration, providing processors for AI workstation appliances. The partnership enables MiPhi to deliver turnkey AI solutions combining Intel processors with Phison NAND storage technology.
• SUSEcoreTechnology or IntegrationSUSE is a technology partner in the MiPhi aiDAPTIV+ collaboration for AI storage solutions. SUSE's open-source expertise complements MiPhi's NAND storage and Intel's processing capabilities for AI workloads.
• Excel Engineering CollegeminorStrategic or Co-development PartnerMiPhi AI Lab partnership at Excel Engineering College serving as a hub for AI education and research. Students and faculty collaborate with MiPhi AI specialists on innovative solutions and hands-on technology experience.
• Cube AI SolutionsminorStrategic or Co-development PartnerMiPhi AI Lab at Cube AI Solutions combining advanced research capabilities with practical industry applications for developing cutting-edge AI models and solutions.
• Jyothi Engineering CollegeminorStrategic or Co-development PartnerMiPhi AI Lab collaborative innovation center at Jyothi Engineering College designed to accelerate AI research and development with tools, expertise, and resources for exploring AI applications.

Scale indicators8 records

Recent moves7 records

Expansion highlights6 records

Direct peers

• Kingston Technology: Global leader in SSDs, USB drives, and memory cards — directly overlapping with MiPhi's entire consumer/removable storage product line (Consumer SSD, Gaming SSD, USB, Memory Card, External SSD).
• Phison Electronics: Taiwanese NAND flash controller company and MiPhi's JV parent. Supplies identical controller technology (PCIe, UFS, eMMC, BGA SSD controllers) that MiPhi licenses, and competes in the same global SSD controller and storage product market.
• Silicon Motion Technology: Fabless designer of NAND flash controllers for SSDs, eMMCs, and UFS — directly comparable to Phison and therefore to MiPhi's controller-licensed product architecture.

Emerging players

• ATP Electronics: Industrial-grade NAND storage (SSDs, memory cards, eMMC, BGA SSD) specialist serving automotive, industrial, and embedded markets — directly comparable to MiPhi's Embedded/IoT and automotive-grade product lines.
• Biwin Storage Technology: Chinese NAND storage product company offering SSDs, embedded memory, and memory cards with embedded packaging capabilities — comparable to MiPhi as a regional, vertically integrated NAND storage product company expanding into AI and embedded.

Broad incumbents

• SK hynix: Global NAND and DRAM major with growing enterprise SSD and AI-memory portfolio. Competes with MiPhi in the broader memory/storage landscape, particularly as AI data center demand absorbs NAND supply.
• Samsung Memory: World's largest NAND flash and SSD vendor with broad consumer, enterprise, embedded, and AI storage offerings. Sets the competitive benchmark MiPhi must clear across all product lines.
• Kioxia: Pure-play NAND flash manufacturer with a broad SSD portfolio spanning consumer, enterprise, and embedded. Comparable to MiPhi in product breadth and NAND supply chain positioning.
• Micron Technology: Vertically integrated NAND/DRAM manufacturer with consumer and enterprise SSD products. Comparable end-market exposure and competitive dynamics as MiPhi, particularly in data center and embedded segments.
• Western Digital (Sandisk): Global NAND flash and storage products major (consumer SSDs, enterprise SSDs, removable storage). Competes with MiPhi across the entire storage portfolio from consumer to data center.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

Compliance1 record

Revenue estimate

Valuation estimate

Number of profiles

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about MiPhi Semiconductors