A Fabless semiconductor startup established by Raja Manickam, Chief Executive Officer of Tessolve has launched a new venture, iVP Semi that designs and manufacturers semiconductors and owns their intellectual property IP whereas outsourcing manufacturing and packaging.

The startup has bagged $5 million in a Pre-series A funding round from unrevealed financial backers.

The raised funds will be utilized to establish testing services and amplify the startup’s presence in India. iVP Semi plans to setup chip design centers in Chennai and Bengaluru, certifying product IP from Japan, Taiwan and the US. The startup will deport internal chip and module testing, despite outsourcing it.

Speaking to this, Raja Manickam, Chief Executive Officer of Tessolve states, “Our mission is to localize semiconductor chip production, empowering Indian companies to improve product development cycles and achieve greater technological autonomy. This approach not only ensures tighter control over the chip supply chain but also fosters an environment where semiconductor ecosystem partners are encouraged to establish a local presence.”

Similarly, S Krishnan, Ministry of Electronics and Information Technology (MeitY) Secretary remarks on the launch by saying, “iVP Semi plays an important role in creating demand to fill up the manufacturing capacity in wafer fab and OSAT (outsourced semiconductor assembly and test). I would like to congratulate iVP Semi on the creation of an Indian fabless chip company”.