Azimuth AI Secures $11.5 Million to Drive Innovation in Edge Computing and Semiconductor Industry
Azimuth AI, a company specializing in producing highly customized silicon products for edge and embedded computing markets, has successfully closed a $11.5 million venture round. This significant funding milestone marks a crucial step in the company’s efforts to expand its capabilities and drive innovation across the semiconductor industry.
Founded in 2022, Azimuth AI is focused on developing purpose-built System-on-Chip (SoC) products for various applications, including smart city initiatives, 2/3-wheeler vehicles, and other edge computing applications. The company boasts a team with extensive experience in designing and delivering over 30 silicon products to market while working at leading semiconductor companies in Silicon Valley and India. Azimuth AI currently operates out of offices in Sacramento, USA, and Hyderabad, India.
The venture round was led by Cyient, a global Intelligent Engineering services company headquartered in Hyderabad, India. This strategic investment to acquire a stake in Azimuth AI underscores Cyient’s commitment to expanding its capabilities and driving innovation in the semiconductor industry. Krishna Bodanapu, Cyient’s Executive Vice-Chairman & Managing Director, emphasized that 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, highlighted the growth potential of the semiconductor industry, which is expected to reach over $1 trillion by 2030. The Application-Specific Integrated Circuit (ASIC) market, in particular, is growing three times faster than the general-purpose chip market, driven by companies seeking differentiation at the chip level, which aligns with Azimuth AI’s focus.
Moneta Ventures, a Sacramento-based venture capital firm, co-led the round alongside Growth Factory, another local Sacramento firm. Ashu Bhalla, Partner at Moneta Ventures, expressed enthusiasm for investing in innovative companies that tackle complex challenges with transformative solutions. Azimuth AI’s expertise in developing SoCs tailored to specific market segments, coupled with their ability to deliver significant cost advantages to customers, was a key driver behind Moneta Ventures’ decision to back the team.
AUM Ventures, a venture capital firm based in the Abu Dhabi Global Market (ADGM) and Azimuth AI’s seed round investor, also re-invested in this round. Chetan Mehta, Founding Partner at AUM Ventures, expressed excitement about doubling down on their investment in Azimuth AI. Over the past year, the team has come together with decades of expertise in building silicon products, positioning them well to capitalize on the rapid growth expected in the semiconductor industry over the next decade.
Sri Badiga and Praveen Yasarapu, Co-founders at Azimuth AI, welcomed Krishna Bodanapu, Ramya Mohan, and Ashu Bhalla to the Board of Directors. The guidance and partnership from these renowned industry leaders will provide invaluable perspectives to Azimuth AI’s strategic decision-making. The fresh capital will be used to productize the company’s first-generation SoC for a leading global Original Equipment Manufacturer (OEM) and to grow the team and partnerships to develop a roadmap of cutting-edge SoCs that champion environmental sustainability and facilitate affordable access to computing solutions in cost-challenged markets.
Castle Placement LLC served as Azimuth AI’s investment banker for this round. This significant funding milestone positions Azimuth AI to make significant strides in the semiconductor industry, leveraging its expertise in developing highly customized silicon products to meet the evolving needs of diverse markets and applications.
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