AGNIT Semiconductors raises $3.5mn in seed round marking first investment

AGNIT Semiconductors has raised $3.5 million in a seed round led by 3one4 Capital and Zephyr Peacock, marking their first investment in India’s semiconductor sector.

Along with two new investors, the round also saw participation from Lakshmi Narayanan, the former chief executive officer of Cognizant and a noted angel investor.

The five-year-old Bengaluru-based startup has raised $4.87 million in total so far and plans to use the fresh funds to scale its production and commercial operations.

Hareesh Chandrasekar, chief executive officer and co-founder of AGNIT Semiconductors, said, “As we close our seed round with 3one4 Capital and Zephyr Peacock, it marks an extraordinary five-year journey where we've pioneered Gallium Nitride (GaN) technology to revolutionise specialised applications, augmenting traditional silicon.”

Chandrasekar further added that GaN holds immense potential across sectors like 5G, fast charging, PV inverters, and beyond.

Additionally, the company is set to expand its offerings into new market segments, targeting consumer electronics and electric two-wheelers to cater to evolving fast-changing needs. Eyeing sales of 100,000 semiconductor chips in the next 12 months, AGNIT aims to contribute to India’s push for innovation and self-reliance.

Commenting on the investment, Pranav Pai, founding partner and chief investment officer of 3one4 Capital, said, “AGNIT Semiconductors is breaking new ground by advancing Gallium Nitride technology in India, a critical component for the future of global electronics and energy systems. AGNIT represents the new wave of Indian deep tech startups—born from rigorous research, focused on critical technologies, and positioned for global impact. What sets AGNIT apart is its end-to-end capability—from materials to ASICs. This vertical integration, combined with their patented technologies, gives them a unique advantage in a competitive global market.”

Pankaj Raina, managing director of Zephyr Peacock, said, “The demand for GaN semiconductors is growing worldwide as they enable improved performance and energy efficiency, supporting the development of smaller and more cost-effective devices. AGNIT has developed extensive know-how and proprietary processes to develop high-quality GaN materials and devices. We believe that the company will become a key stakeholder in the semiconductor supply chain in India and globally, and we are excited to partner with them on their journey.”

AGNIT is one of the first startups incubated by the Gallium Nitride Ecosystem Enabling Centre and Incubator, managed by the Foundation for Science Innovation and Development (FSID) at the Indian Institute of Science (IISc) and funded by the Ministry of Electronics and Information Technology (MeITY).