Agnit Semiconductors, a Bengaluru-based Gallium Nitride (GaN) startup, has successfully raised $3.5 million in a seed round led by 3one4 Capital and Zephyr Peacock. This marks the investors’ debut in India’s semiconductor sector, with additional participation from angel investor and former Cognizant CEO, Lakshmi Narayanan. The latest funding brings Agnit’s total capital raised to $4.87 million. The company plans to utilize these fresh funds to enhance its production and scale its commercial operations.
Agnit Semiconductors, founded five years ago, focuses on the development of advanced GaN semiconductors. CEO and Co-founder Hareesh Chandrasekar stated, “GaN technology holds immense potential in sectors such as 5G, fast charging, and PV inverters. With support from IISc and MeitY, we aim to further our market reach and strengthen our leadership team for continued growth.”
The company is planning to expand into new market segments, including consumer electronics and electric vehicles, with a target to sell 100,000 semiconductor chips within the next 12 months. Agnit is also aligned with India’s innovation and self-reliance drive, contributing to the country’s growing semiconductor industry.
Pranav Pai, Founding Partner and CIO of 3one4 Capital, commented, “Agnit represents a new generation of Indian deep-tech startups, built on cutting-edge research and critical technologies. Their vertical integration and patented processes provide a significant advantage in a competitive market.”
Agnit Semiconductors is one of the pioneering startups incubated at the Gallium Nitride Ecosystem Enabling Centre and Incubator, supported by the Indian Institute of Science (IISc) and funded by the Ministry of Electronics and Information Technology (MeitY). The company has also gained recognition from the Karnataka government for its innovative GaN semiconductor technology and recently signed an MoU with the Ministry of Defence under the iDEX program to develop next-gen wireless transmitters for defense applications.
Zephyr Peacock’s Managing Director, Pankaj Raina, emphasized, “Agnit has developed exceptional capabilities in GaN technology, positioning them as a key player in both the Indian and global semiconductor supply chains. We are thrilled to support their journey.”