Last Updated: 12 December 2024
Azimuth AI, a startup specializing in customized silicon products for edge and embedded computing markets, has successfully closed an $11.5 million venture funding round.
Founded in 2022, Azimuth AI focuses on developing purpose-built System-on-Chip (SoC) products for applications in smart cities, 2/3-wheeler vehicles, and other edge computing solutions. With a team that has collectively delivered over 30 silicon products, Azimuth operates from offices in Sacramento, USA, and Hyderabad, India.
The funding round was led by Cyient, a global Intelligent Engineering services company headquartered in Hyderabad. This strategic investment aligns with Cyient’s broader vision to enhance its semiconductor capabilities and drive innovation within the sector. Other participants in the round include Moneta Ventures, Growth Factory, and AUM Ventures.
"The acquisition will enhance the company's capabilities in the critical semiconductors space while reinforcing its commitment to next-gen power and energy solutions."
Krishna Bodanapu, Executive Vice-Chairman & Managing Director at Cyient
The edge computing market has been experiencing rapid growth, driven by the demand for localized data processing and faster response times. As one of the emerging players among top edge computing companies, Azimuth AI is well-positioned to capitalize on this trend. The company’s focus on custom silicon solutions aligns with the industry's need for tailored innovations to support smarter cities and vehicles.
“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.”
Ramya Mohan, Chief Strategy Officer at Cyient
The raised capital will be pivotal in productizing Azimuth’s first-generation SoC for a leading global Original Equipment Manufacturer (OEM).
The funds will also support team expansion, strengthening partnerships, and creating a roadmap of cutting-edge SoCs. These products aim to prioritize environmental sustainability and deliver cost-effective computing solutions for resource-challenged markets.
Looking forward, Azimuth AI intends to expand into new markets while maintaining a focus on innovation and affordability. By advancing sustainable solutions, the company aims to meet growing global demands for specialized silicon products.
"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."
Ashu Bhalla, Partner at Moneta Ventures
Azimuth AI was founded in 2022 by Sri Badiga and Praveen Yasarapu, who bring decades of experience in delivering silicon products. The company’s mission is to develop cutting-edge silicon products that not only champion environmental sustainability but also facilitate affordable access to computing solutions in cost-challenged markets. With a particular focus on embedded computing silicon products, Azimuth AI strives to bridge the divide between technological progress and economic inclusivity.
Through its unwavering commitment to eco-friendly innovation and the expansion of technology access, Azimuth AI aspires to empower individuals and communities globally.
The company’s headquarters are in Sacramento, USA, and Hyderabad, India, positioning it strategically across two key global markets.
With its experienced leadership team and innovative approach, Azimuth AI aims to make computing solutions more accessible and environmentally sustainable. The company’s focus on delivering tailored products sets it apart in the competitive semiconductor industry.
"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."
Sri Badiga and Praveen Yasarapu, Co-founders at Azimuth AI
Cyient led the latest funding round, acquiring a 27.3% stake in Azimuth AI. This marks a key step in Cyient’s journey to strengthen its foothold in the semiconductor space and highlights its dedication to driving growth in intelligent energy and power solutions.
Azimuth AI began its funding journey on March 8, 2024, when it secured seed funding from AUM Ventures, an India-focused VC fund based in the Abu Dhabi Global Market (ADGM). While the investment amount was not disclosed, it played a crucial role in developing Azimuth’s first-generation SoC for a global OEM specializing in smart city solutions.
"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."
Chetan Mehta, Founding Partner at AUM Ventures
This latest round also saw participation from Moneta Ventures and Growth Factory, two Sacramento-based firms, reflecting strong regional confidence in Azimuth’s innovative approach. To facilitate the process, Azimuth partnered with Castle Placement LLC for investment banking support, ensuring a smooth funding round.
Source: PR Newswire
