Product design solutions Graphene Semiconductors today said Karnataka government has invested Rs 4.95 crore in the Bangalore-based start up.
The firm claims it is the first company in semiconductor space to receive the backing from the state governmental backed Karnataka Semiconductor Venture Capital Fund (KARSEMVEN Fund).
"Graphene Semiconductor Services has received Rs 4.95 crore in a first phase funding from KARSEMVEN Fund recognising the startup's unique approach to semiconductor technology in product realisation, from concept, to product deployment," it said in a statement.
The SEBI-registered VC Fund chose Graphene for its differentiated focus in semiconductor technology and end-to-end product development along with its leadership excellence, it added.
At present, the firm employs 120 people and has a market presence in India, US and Japan. Graphene is focusing on communication, automotive, industrial and storage space in India.
"At KARSEMVEN, we look to bolster new-age entrepreneurs by providing them with necessary capital and the fund operates predominantly in the state of Karnataka," KARSEMVEN Fund CEO Jayakumar A R said.
The fund is also open to providing additional funding for Graphene if needed, he added.
