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Dec 11, 2024, 18:46 ET
SACRAMENTO, Calif., Dec. 11, 2024 /PRNewswire/ — Azimuth AI Inc. a startup specializing in producing highly customized silicon products for edge and embedded computing markets has closed a $11.5M venture round. Founded in 2022, Azimuth AI is focused on developing purpose-built SoCs (System-on-chip) products for, smart city, 2/3-wheeler vehicles, and other edge computing applications. The Team at Azimuth has designed and delivered 30+ silicon products to market working at leading semiconductor companies in the Silicon Valley and India. Currently Azimuth AI has offices in Sacramento, USA and Hyderabad, India.
The venture round was led by Cyient, a global Intelligent Engineering services company headquartered in Hyderabad, India. The company had announced previously that the strategic investment to acquire a stake in Azimuth AI, marks a significant milestone in its efforts to expand its capabilities and drive innovation across the semiconductor industry.
Cyient Executive Vice-Chairman & Managing Director Krishna Bodanapu said the acquisition will enhance the company’s capabilities in the critical semiconductors space while reinforcing its commitment to next-gen power and energy solutions.
Ramya Mohan, Chief Strategy Officer at Cyient commented that the global semiconductor industry is a $600 billion industry, and it is expected to grow to more than $1 trillion by 2030. While the general-purpose chip market exists, the Application-Specific Integrated Circuit (ASIC) market is growing three times faster. This growth is driven by companies seeking differentiation at the chip level which is the focus at Azimuth AI.
Moneta Ventures, a Sacramento based venture capital firm co-led the round that was also joined by another local Sacramento firm Growth Factory. Ashu Bhalla, Partner at Moneta Ventures, remarked, “We are passionate about investing in innovative companies that tackle complex challenges with transformative solutions. Azimuth’s expertise in developing SoCs tailored to specific market segments, coupled with their ability to deliver significant cost advantages to customers, is truly outstanding. Their exceptional strengths in product innovation, technology, and customer acquisition were key drivers behind our decision to back their team.”
Azimuth’s seed round investor AUM ventures, a venture capital firm based in the Abu Dhabi Global Market (ADGM) also re-invested in this round. Chetan Mehta, Founding Partner at AUM Ventures expressed that, “We are thrilled to double down on our investment in Azimuth. Over the past year, the team has come together with decades of expertise in building silicon products. With the semiconductor industry poised for rapid growth over the next decade, custom silicon chips are redefining innovation by delivering specialized solutions to meet the evolving needs of diverse markets and applications.”
Sri Badiga and Praveen Yasarapu, Co-founders at Azimuth AI said, “We are thrilled to welcome Krishna Bodanapu, Ramya Mohan, and Ashu Bhalla to join our Board of Directors. Guidance and partnership from such renowned industry leaders will provide invaluable perspectives to our strategic decision-making. From shaping the future of emerging technologies to navigating complex global markets, these senior leaders have consistently demonstrated the vision and execution needed to achieve extraordinary outcomes.”
The startup will use the fresh capital for productizing its first-generation SoC for a leading global Original Equipment Manufacturer (OEM). The funds will also be used to grow the team and partnerships to develop a roadmap of cutting-edge SoCs that not only champion environmental sustainability but also facilitate affordable access to computing solutions in cost-challenged markets.
Azimuth AI was represented by Castle Placement LLC as its investment banker for this round.
SOURCE Azimuth AI Inc.