Ineda Systems Private Limited, a Hyderabad-based fabless semiconductor start-up working on next-generation mobile computing platforms, is planning to raise $20 million in the next three to four months.
“We have already started discussions with a bunch of investors, including venture capitals, private equities and individual investors. It will be debt-based. As timing is a key factor in the technology space, we will raise the money within the next four months,” Balaji Kanigicherla, founder and chief executive officer of Ineda Systems, told Business Standard on the sidelines of the ‘Mentor forum for verification 2012’ organised at Hyderabad.
According to an ESDM (Electronic System Design and Manufacturing) study, the electronics import market in India is going to cross the country’s oil import by 2020. Quoting the report, he said, “The semiconductor industry in India is now pegged at $10 billion, and is expected to become a $100-billion market by 2020 with an annual growth rate of 40 per cent.”
“Seeing the tremendous growth opportunity, we are hopeful of reaching a turnover of $200-300 million by 2015,” he said.
The start-up, with a team of 150 engineers, has plans to add 50 engineers in the next six to eight months for its research and development (R&D) centre in Hyderabad. The two-year-old company currently has a portfolio of 28 patents.
It has plans to launch three products by next year to cater to the tablets, laptops and smartphones market.
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“Currently, the products are in the prototype stage. The manufacturing will be done by some semiconductor fab companies in Taiwan,” he said. It will focus on the converging technology for the tablets and laptops.
Ineda Systems’ clientele base includes original equipment manufacturers and large corporations mainly based out of the US, Taiwan and Japan.It has offices in Hyderabad and Santa Clara.