Chip Off the Old Block : How Two Innovators Sparked a Revolution

Mindgrove was co-founded in 2021 by two visionaries, Shashwath T.R. and Sharan Srinivas Jagathrakshakan, both graduates of IIT Madras. The startup was incubated at IIT Madras’ Pravartak Technologies Foundation, a prominent innovation hub. The two founders set out to tackle India’s dependency on imported semiconductor technology, particularly for IoT and embedded systems.

Shashwath T.R., Mindgrove’s CEO, is known for his strong technical background and leadership in building complex semiconductor systems. Prior to founding Mindgrove, Shashwath was involved in various tech ventures that gave him deep insights into chip design. His work now focuses on driving Mindgrove’s vision of creating affordable, high-performance microchips for IoT applications, reducing India’s reliance on international suppliers. (Shashwath T.R)

Sharan Srinivas Jagathrakshakan, the co-founder and CTO, also brings robust expertise in chip design and electronics. His experience stems from research and development at IIT Madras, particularly working with open-source processors like Shakti. His technical expertise is critical to the company’s ability to deliver cutting-edge SoCs (System-on-Chips), including their flagship product, Secure IoT. (Sharan Srinivas Jagathrakshakan)

The journey of Mindgrove began with the desire to build indigenous technology that could cater to India’s growing demand for smart devices and IoT solutions. The team leveraged the RISC-V architecture, an open-source platform, to develop their chips. This not only allowed for innovation without licensing costs but also enabled them to create affordable, scalable solutions for mid-market electronics manufacturers.The founders credit much of their progress to the mentorship and guidance they received from industry veterans, particularly in overcoming early-stage challenges in the highly competitive semiconductor field. By 2024, Mindgrove had successfully developed and tested Secure IoT, India’s first indigenously designed high-performance microcontroller chip.

The Heat is On : Cracking Open the Microprocessor Market

The global microprocessor market is on fire, and it’s not slowing down anytime soon. As industries continue to adopt advanced technologies like IoT, AI, and 5G, the demand for high-performance microprocessors is skyrocketing. From personal computers to smart devices, microprocessors are the backbone of our digital world, and their market is expanding at a rapid pace.

In 2023, the global microprocessor market is expected to reach a value of USD 118.30 billion, growing at a CAGR of 5.73%. By 2030, this figure could surge to over USD 184 billion . The rise of edge computing, where data is processed closer to its source (like IoT devices), is one of the significant trends driving this growth​. Microprocessors optimized for edge computing are critical for real-time data management in industries like healthcare, automotive, and industrial automation​. ​(Grand View Research)

Asia-Pacific leads the charge, accounting for more than 58% of the global market in 2023. Countries like China and India are pushing local manufacturing initiatives to reduce reliance on imports​. In North America, the market is also booming, driven by heavyweights like Intel and Qualcomm, who are continually pushing the boundaries of performance (Mordor Intelligence).Automotive applications are another hot area. As electric vehicles (EVs) and autonomous driving become mainstream, the need for sophisticated microprocessors to power these systems grows. The automotive segment is projected to register a 9% CAGR during the forecast period​.

Small Chips, Big Ambitions: Mindgrove’s Mission to Change the Game

Mindgrove is not your typical chipmaker—it’s revolutionizing India’s semiconductor space with a mission to design innovative, affordable chips for global markets. The company creates cutting-edge System on Chips (SoCs) that cater to industries like IoT, automotive, and defense. Their chips are cost-effective, scalable, and optimized for various applications from wearables to smart city devices​

Mission and Vision

Mindgrove’s mission is to build cost-effective, high-performance chips that solve real-world problems. The company aims to create a self-reliant semiconductor ecosystem in India, addressing the need for locally manufactured technology solutions​(

Their vision? To provide secure, scalable SoCs that meet the growing demands of IoT and connected devices globally. Mindgrove believes in “right-sizing” technology—offering high-end features at an affordable price, making their chips accessible to a wide range of industries​.

Problems They Solve

Mindgrove targets the mid-market by offering SoCs that provide high flexibility and security. Their chips are designed to reduce India’s reliance on foreign semiconductors, lowering costs for local manufacturers by up to 30%. They solve critical issues in data security, power efficiency, and affordability, essential for IoT applications​.

Business Model

Mindgrove operates on a fabless semiconductor model, meaning they design the chips in India but outsource manufacturing. This approach helps them reduce overhead costs while maintaining control over product innovation. They also provide design support to Indian brands, helping accelerate local production​.

SoC It to Me: Mindgrove’s Powerful Product Lineup

Mindgrove is shaping the future of technology with cutting-edge, cost-effective System on Chips (SoCs). Their products cater to a wide range of industries, including IoT, automotive, consumer electronics, and defense. (Mindgrove Products)

Secure IoT: Their Flagship Product

The Secure IoT is Mindgrove’s star player. This high-performance microcontroller, built on the RISC-V architecture, is designed for IoT devices, offering 700 MHz of processing power. It’s the first indigenously designed commercial SoC in India, helping reduce costs for Original Equipment Manufacturers (OEMs) by 30% compared to imported chips​.

Key features of the Secure IoT include:

• Hardware-accelerated encryption, ensuring robust data security.
• Power efficiency that extends battery life, making it ideal for embedded systems.
• Versatility, with a wide range of input/output peripherals, perfect for smart city devices, wearables, and automotive applications​.

Vision SoC: For Advanced Image Processing

Coming soon, the Vision SoC is the next step in Mindgrove’s innovation pipeline. It builds on Secure IoT’s capabilities, adding:

• Quad-core processing power.
• Graphics Processing Unit (GPU) integration.
• Simultaneous connection support for up to four cameras, ideal for automotive and AI-driven edge computing.

Edge Compute: Enhancing AI at the Edge

Another exciting addition is Edge Compute, aimed at edge inference. Mindgrove’s Edge Compute solution is designed for advanced data processing at the edge. It enhances processing power for AI inference and real-time data management, pushing the boundaries of smart infrastructure and industrial IoT applications.

Risking It All on RISC-V: The Tech Behind Mindgrove

Mindgrove develops advanced System on Chips (SoCs), which are small integrated circuits that combine various components like a processor, memory, and input/output functions on a single chip. These SoCs are used in various applications, including IoT (Internet of Things) devices and smart electronics. Let’s break down how their technology works in simpler terms.

What is RISC-V and SHAKTI Core?

Mindgrove’s technology is built on RISC-V, which stands for Reduced Instruction Set Computer (RISC). RISC-V is an open-source architecture, meaning anyone can use or modify it without paying licensing fees. This reduces costs for chip makers. RISC-V is known for being flexible and efficient, which is why Mindgrove chose it as the foundation of their chips​.

The SHAKTI Core, developed by IIT Madras, is an open-source microprocessor design that powers Mindgrove’s SoCs. A microprocessor is the “brain” of electronic devices, executing tasks and processing data. Since SHAKTI is open-source, Mindgrove can customize and innovate freely without being tied to expensive proprietary designs​.

What is Secure IoT?

Mindgrove’s Secure IoT chip is designed specifically for IoT devices—things like smartwatches, security systems, and even smart meters in homes. This 700 MHz microcontroller integrates robust security features like hardware-accelerated encryption (AES, SHA, RSA) and secure boot mechanisms, making it ideal for IoT devices that require strong data protection. Additionally, the chip’s low power consumption and ability to perform edge processing make it highly efficient for real-time tasks, especially in applications like biometric systems and smart meters.

Edge Computing Explained

Edge computing is when data is processed close to the device, like in a smartwatch or camera, rather than being sent to a central server (data center). This reduces delays and allows for real-time processing. This architecture reduces latency and improves performance in real-time applications. For example, the upcoming Vision SoC will support multiple cameras, making it a powerful solution for automotive and AI-driven vision tasks​.

A Chip Above: Mindgrove’s Market Impact and Alliances 

Secure IoT chip is the first indigenous, high-performance system-on-chip (SoC), designed and produced entirely in India. By providing a chip that is 30% cheaper than its competitors, Mindgrove has made a massive impact on domestic manufacturing, enabling Indian original equipment manufacturers (OEMs) to reduce costs without compromising performance. (CNBC)

Though still young, Mindgrove’s achievements have garnered significant recognition. They’ve been backed by notable investors such as Peak XV Partners and incubated by IIT Madras, two entities well-known for supporting groundbreaking tech initiatives.

Their most notable collaboration is with Imagination Technologies, a UK-based global leader in silicon IP. Under Imagination’s Open Access Program, Mindgrove gains access to cutting-edge GPU and AI accelerator IP without licensing fees. This partnership significantly lowers development costs and accelerates time-to-market for their innovative System-on-Chips (SoCs).

Their efforts align with India’s Make-in-India vision, aimed at reducing dependency on foreign technology by promoting homegrown solutions. This backing ensures not only market relevance but also strong support from national policies.

Cash Flow and Silicon Glow: The Funding Fueling Mindgrove’s Growth

Mindgrove has attracted significant attention from top investors, with a total funding of $2.35 million raised over two rounds. The company’s journey began in January 2023, when they secured their first seed funding of $2.35 million, led by Peak XV Partners (formerly Sequoia Capital India), alongside Speciale Invest and Whiteboard Capital. Notable angel investors, including Ashwini Asokan (CEO of Mad Street Den) and Nischay Goel, also participated in this round. This round valued the company at approximately $7.3 million​ ​(Tracxn).

The most recent round, in December 2023, brought additional funding, although the exact amount was not disclosed. The company continues to receive strong support from its institutional investors, including Peak XV Partners, who led the latest round​.

For FY 2022-23, Mindgrove reported a revenue of ₹22.4 lakh (approximately $27,000), a slight decrease from ₹24 lakh in the previous fiscal year​. Despite these modest figures, the company is gaining traction as it prepares to scale up its operations. (Pitchbook)

Chipping Away at the Future: What’s Next for Mindgrove and You

Mindgrove is shaping the future of India’s semiconductor industry with bold innovations. Their flagship product, Secure IoT, is not just a technological feat; it marks a turning point in India’s journey towards self-reliance in chip design and manufacturing. By offering cost-effective and high-performance System-on-Chips (SoCs), Mindgrove is helping Indian original equipment manufacturers (OEMs) reduce dependence on foreign technology.

With over $2.35 million in funding and a growing revenue base, Mindgrove’s future looks bright. As they continue to scale, they are set to become a key player in the global semiconductor market​.

The takeaway here? Your ideas, no matter how small, can have a massive impact. If Mindgrove can revolutionize a field as competitive as semiconductors, what’s stopping you from taking your big idea to the next level?

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