your password has been reset successfully, Please login again.

Steradian Semiconductors gets VC backing form Endiya Partners

The venture capital firm typically invests between $300,000 and $1.6 million in a portfolio firm.
BY BEx Bureau
Jul 20, 2018

Steradian Semiconductors Pvt. Ltd, a deep-tech startup that is developing high-performance sensors for autonomous vehicles, has raised its first round of institutional funding, the companys co-founder told VCCircle.

We raised funding from Endiya Partners about two-three weeks ago, said Ashish Lachhwani. He didnt disclose the amount.

The venture capital firm typically invests between $300,000 and $1.6 million in a portfolio firm.

The Bengaluru-based company was founded in early 2016 and had so far been operating with grants received from organisations such as US chipmaker Qualcomm. It has developed a devicea compact 28nm millimetre-wave imaging radar chipthat will help autonomous vehicles detect obstacles in all weather conditions.

The company will use the funding to sharpen the devices high-resolution imaging radar solution as it prepares for trials with tier-I automotive suppliers by the end of the year.

A tier-I automotive supplier supplies components directly to original equipment manufacturers.

Lachhwani said the major market for its product is in the US and European nations. The company expects the automotive radar market to reach $6 billion by 2021. It also hopes the market will get a further push following European regulatory norms where they certify a car with five stars only if they have radars fitted.

It is a mandate to have radars by 2020 for all cars in Europe, so driven by this push there is a big market there for us to tap, said Lachhwani.

He explained that radars have been in use in an automotive vehicle for the past 15 years more as a safety measure, but they are slowly being used as a primary sensor mode for making decisions. The radar with high resolution as developed by Steradian lends reliable eyes to the vehicle, he added.

Steradian has a partnership with a Tier-1 semiconductor company in the US that manufactures the device as it is capital intensive to produce on its own.

What we do is provide the design to the suppliers, which in turn also provides wider access to the market, said Lachhwani. The company will adopt a royalty, or intellectual property licensing model, for generating its revenue, he added.

Abhishek Srivastava, director at Endiya Partners, said that high-resolution, affordable and scalable RFIC or radar solutions serve as a key ingredient for the evolution of autonomous driving tech, drone, gesture recognition and other emerging applications. RFIC is short for Radio Frequency Integrated Circuit.

Led by a team of deep domain experts, Steradians disruptive and competitive product is well poised to address and capture this large global market potential, said Srivastava.

Apart from Lachhwani, the companys founders are Gireesh Rajendran, who is the CEO, Apu Sivadas, Rakesh Kumar and Alok Joshi.

The founders of Steradian have expertise in radar and wireless systems. They previously worked at companies such as Texas Instruments and Qualcomm, and hold over 50 patents, the company said in a separate statement.

Investments in deep-tech products in the areas of enterprise software-as-a-service (SaaS), health-tech, fin-tech, Internet of Things (IoT), augmented reality (AR) and virtual reality (VR) are gradually picking up in India.

Earlier this month, VR startup SmartVizX raised Rs 10 crore ($1.4 million) in a pre-Series A round led by the Indian Angel Networks IAN Fund and angel fund YourNest Venture Capital.

Last month, Frontdesk AI, an artificial intelligence startup which offers automated customer service software, raised $1.1 million (Rs 7.54 crore) in seed funding led by Bengaluru-based early-stage investment firm Speciale Invest.

Please add your Comment
November 14, 2018
True North has acquired a 75% stake in Shree Digvijay Cement Company Ltd from Brazil-based Votoranti ...More
By Vaishnavi Gupta
November 13, 2018
The investment is made by the firm to boost its capabilities to deliver tech solutions that will hel ...More
By Vaishnavi Gupta
November 12, 2018
With this acquisition, Mphasis will increase its end-to-end capabilities in the public cloud domain, ...More
By Vaishnavi Gupta
November 12, 2018
This acquisition will help Mumbai-listed AGC to add over $600 million in annual revenue and about 3, ...More
By Vaishnavi Gupta
November 09, 2018
The acquisition is in line with the company's strategy to boost the value for its stakeholders throu ...More
By Vaishnavi Gupta
November 03, 2018
Viithiisys, with this acquisition, will expand its product portfolio and list of clients. ...More
By Vaishnavi Gupta
November 02, 2018
Post acquisition, W12 Studios will be a part of TCS Interactive, the digital division of the IT serv ...More
By Vaishnavi Gupta
November 01, 2018
The fresh funds will be used by Turms to expand its product categories, hire tech talent and launch ...More
By Vaishnavi Gupta
October 31, 2018
The funds raised will be used by Duroflex to expand to new markets across India. ...More
By Vaishnavi Gupta
October 30, 2018
With this deal, ZipGo will become the country's largest technology-driven, business-to-customer bus ...More
By Vaishnavi Gupta
October 29, 2018
For acquiring Red Hat, IBM will pay $190 per share in cash. ...More
By Vaishnavi Gupta
October 26, 2018
After the acquisition, Bluecore will expand its footprint in the Indian e-commerce market by establi ...More
By Vaishnavi Gupta