About Mindgrove
Mindgrove is a company based in Chennai (India) founded in 2021 by Sharan Srinivas Jagathrakshakan and Shashwath T R. Mindgrove has raised $10.35 million across 3 funding rounds from investors including Peak XV Partners, Speciale Invest and Whiteboard Capital. The company has 36 employees as of September 08, 2025. Mindgrove offers products and services including Secure IoT, Smart Lock, Smart Watch, Smart Meter, and Thermal Printer. Mindgrove operates in a competitive market with competitors including Eta Compute, ChipWrights, ZF Micro Solutions, DesignArt Networks and SenseSemi, among others.
- Headquarter Chennai, India
- Employees 36 as on 08 Sep, 2025
- Founders Sharan Srinivas Jagathrakshakan, Shashwath T R
- Stage Minicorn
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Sectors
Technology
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Email
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Phone
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Website
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Social
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- Legal Name Mindgrove Technologies Private Limited
- Date of Incorporation 05 Feb, 2021
- Jurisdiction Chennai, Tamil Nadu, India
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Annual Revenue
$78.73 K (USD)201.23as on Mar 31, 2024
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Net Profit
-$1.27 M (USD)-677.76as on Mar 31, 2024
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EBITDA
-$1.25 M (USD)-830.56as on Mar 31, 2024
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Total Equity Funding
$10.35 M (USD)
in 3 rounds
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Latest Funding Round
$8 M (USD), Series A
Dec 23, 2024
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Investors
Peak XV Partners
& 8 more
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Employee Count
36
as on Sep 08, 2025
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Products & Services of Mindgrove
Mindgrove offers a comprehensive portfolio of products and services, including Secure IoT, Smart Lock, Smart Watch, Smart Meter, and Thermal Printer.
Provides secure 28 nm chip for IoT devices with customizable features.
IoT-enabled locking system using Mindgrove SoC technology.
Wearable with embedded SoC for connectivity and security features.
Device for monitoring utilities via secure IoT integration.
Printer with SoC for reliable and secure printing operations.
Fan controlled via IoT for smart home environments.
Module for biometric authentication using advanced SoC.
People of Mindgrove
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Funding Insights of Mindgrove
Mindgrove has successfully raised a total of $10.35M across 3 strategic funding rounds. The most recent funding activity was a Series A round of $8 million completed in December 2024. This substantial capital infusion reflects strong investor confidence in the company's business model, growth potential, and market opportunities. The funding enables strategic expansion, product development, market penetration, and operational scaling to drive long-term value creation and competitive advantage.
- Total Funding Total Funding
- Total Rounds 3
- Last Round Series A — $8.0M
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First Round
First Round
(12 Jan 2023)
- Investors Count 9
| Date | Amount | Transaction Name | Valuation | Lead Investors | Investors |
|---|---|---|---|---|---|
| Dec, 2024 | Amount | Series A - Mindgrove | Valuation | Rocketship , Speciale Invest | |
| Dec, 2023 | Amount | Seed - Mindgrove | Valuation | Peak XV Partners |
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| Jan, 2023 | Amount | Seed - Mindgrove | Valuation | Speciale Invest , Peak XV Partners |
Investors in Mindgrove
Mindgrove has secured backing from 9 investors, including venture fund and angel investors. Prominent investors backing the company include Peak XV Partners, Speciale Invest and Whiteboard Capital.
| Investor | Description | Founded Year | Domain | Location |
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Rocketship.vc is engaged in data mining and startup investment.
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Founded Year | Domain | Location | |
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Investing in deep tech startups with a focus on early-stage innovations in technology and engineering.
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Founded Year | Domain | Location | |
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Investments are made in B2B technology startups focusing on climate tech, enterprise SaaS, and deep tech.
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Founded Year | Domain | Location |
Investments & Acquisitions by Mindgrove
Financial Statements - Mindgrove
Mindgrove Comparisons
Competitors of Mindgrove
Mindgrove operates in a dynamic and competitive business environment, facing competition from various established players and emerging companies in the market. The competitive landscape includes prominent companies such as Eta Compute, ChipWrights, ZF Micro Solutions, DesignArt Networks and SenseSemi, among others.
| Company Name | Domain | Founded year | HQ Location | Description |
|---|---|---|---|---|
| domain | founded_year | HQ Location |
SoCs for edge computing and embedded systems are manufactured.
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| domain | founded_year | HQ Location |
ChipWrights develops innovative system-on-chips for embedded video and audio applications.
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| domain | founded_year | HQ Location |
Embedded PC-on-chip solutions with integrated hardware and software are provided.
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| domain | founded_year | HQ Location |
Programmable SoCs and embedded software for 4G infrastructure are provided.
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| domain | founded_year | HQ Location |
Smart wearable devices are developed for chronic disease management.
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Frequently Asked Questions about Mindgrove
Mindgrove was founded in 2021 and raised its 1st funding round 2 years after it was founded.
Mindgrove is headquartered in Chennai, India. It is registered at Chennai, Tamil Nadu, India.
Shashwath T R is the current CEO of Mindgrove. They have also founded this company.
Mindgrove is a funded company, having raised a total of $10.35M across 3 funding rounds to date. The company's 1st funding round was a Seed of $2.35M, raised on Jan 12, 2023.
As of Sep 08, 2025, the latest employee count at Mindgrove is 36.
Annual revenue of Mindgrove is $78.73K as on Mar 31, 2024.
Mindgrove was founded in 2021 and is based in Chennai, India. Operations focus on the semiconductor sector, where system-on-chips are designed for connected devices. Built-in security features are incorporated into these chips, supporting applications in IoT, vision processing, analytics, AI inferencing, and signal processing. Products encompass secure IoT chips, with vision system-on-chips under development.
Mindgrove's top competitors include Eta Compute, ZF Micro Solutions and DesignArt Networks.
Mindgrove offers Secure IoT, Smart Lock, Smart Watch, Smart Meter, and 3 more products and services.
Mindgrove has 9 investors. Key investors include Peak XV Partners, Speciale Invest, Whiteboard Capital, Mela Ventures, and Rocketship.vc.
The valuation of Mindgrove is $25.08M as of Dec 2024.