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Deeptech Platform InCore Semiconductors Raises $3 Million In Funding

InCore Semiconductors, a Chennai-based fabless-semiconductor startup focused on building class-leading RISC-V-based processor solutions, has raised a seed funding round of $3 million (Rs 24.6 million) from VC firm Sequoia Capital India. 

As per the startup, the freshly raised funds will be used to enhance its portfolio of Core-Hub generators and reference SoC (System-on-Chip) platforms aimed at multiple segments of the embedded chips space. 

InCore Semiconductors | Transforming Processor Design

Launched by G S Madhusudan, Neel Gala, Gautam Doshi and Arjun Menon in 2018, InCore Semiconductors is a Chennai-based deeptech startup that enables its customers with turnkey processor IP solutions for industrial segments such as automotive, industrial automation and general electronics, among others.

The Chennai-based startup specializes in offering a range of reduced instruction set computer (RISC-V) based processors (an open and royalty-free instruction set architecture (ISA) governed by a neutral Swiss foundation) and system-on-chip (SoC) solutions.

Speaking about the development, G.S. Madhusudan, Co-founder and CEO of InCore Semiconductors, said, 

“InCore’s RISC-V processors are not just designed for India but for the world. With a scalable, configurable, and extensible methodology, InCore’s RISC-V processor IP solutions can cater to a wide range of applications, including embedded systems, IoT devices, and industrial controllers.”

Co-founders Of InCore Semiconductors

InCore Semiconductors is working with a mission to harness the power and flexibility of RISC-V architecture, combined with its proprietary core generators and domain-specific hardware accelerators, to deliver unparalleled performance and efficiency. The Chennai-based startup also provides specialized cores for fault-tolerant, security and AI/ML verticals. 

Mohit Bhatnagar, MD, Sequoia India, stated that Indian chip design companies have a unique opportunity to set global benchmarks for reliability and performance to serve the burgeoning demand in domestic as well as export markets. 

Commenting on the development, Mohit Bhatnagar said,

“We have seen India’s journey from services to products in software. As the world realises the benefits of customizing chips, we expect the country’s chip design ecosystem to see a similar evolution and serve this global demand in the most cost-efficient manner. With 20% of the global semiconductor engineers from India, we have a right to win in this global opportunity.” 

InCore Semiconductors is the second startup in the deeptech segment that Sequoia has backed this year. In February 2023, Mindgrove Technologies, a Chennai-based deeptech startup that designs cost-effective and power-efficient system-on-chips (SoCS), raised seed funding of $2.325 million (around Rs 19.5 crore) led by Sequoia Capital India.

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