iVP Semiconductors aims to achieve $70-100 million in revenue in the next 3-4 years | Startups

The company has also secured $5 million in pre-series A funding for its expansion plans

Semiconductors, chips
Photo: Bloomberg

press trust of india Chennai

Fabless semiconductor startup IVP Semiconductor Pvt Ltd plans to set up a production test facility as part of its drive to produce semiconductor chips for the domestic market, a top official said.

Co-founder and CEO Raja Manickam said the company has also secured $5 million in pre-series A funding for its expansion plans.

Click here to connect with us on WhatsApp

Industry veteran Manickam said his ambition is to first serve customers in the domestic market and later expand the company to make it a “global brand”.

He said, “Today, many global companies are serving the domestic semiconductor industry. 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, solar industry, wind energy.

“We will be competitors to existing companies, most of which are global companies,” he said.

Replying to a query, he said the company would set up a production testing facility in Chennai and similar facilities in southern parts of the country.

Responding to another question, he said, “Our target is to achieve revenue of $70-100 million in the next 3-4 years.”

The amount of $5 million raised through Pre-Series A funding will be used to expand its presence, scale up operations, set up testing facilities, and for marketing purposes.

IVP Semiconductor Pvt Ltd was in talks with the Tamil Nadu government to set up a production facility on 20,000 sq ft of land in Chennai. It is expected to be operational by October 2024 and will have facilities ranging from design to testing (of chips), ensuring high-quality products and delivery support.

“We will set up the testing centre and we will buy (semiconductor) wafers from Taiwan,” he said.

Manickam said apart from the power sector, his company will also focus on other sectors like electric two-wheelers, electric vehicle charging facilities, Internet of Things etc.

Leave a Comment

“The Untold Story: Yung Miami’s Response to Jimmy Butler’s Advances During an NBA Playoff Game” “Unveiling the Secrets: 15 Astonishing Facts About the PGA Championship”