Azimuth AI, a company that produces highly customized silicon products for edge and embedded computing markets, announced it has closed a $11.5 million venture round. Moneta Ventures, a Sacramento-based venture capital firm, co-led the funding round, which another local Sacramento firm, Growth Factory, also joined. Azimuth’s seed round investor, AUM Ventures, a venture capital firm based in the Abu Dhabi Global Market (ADGM), also reinvested in this round.
Launched in 2022, Azimuth AI is focused on developing purpose-built SoCs (System-on-chip) products for smart cities, two- and three-wheeler vehicles, and other edge computing applications. The team has designed and delivered 30+ silicon products to market, working at leading Silicon Valley and India semiconductor companies. Azimuth AI has offices in Sacramento, USA, and Hyderabad, India.
This venture funding round was led by Cyient, a global Intelligent Engineering services company headquartered in Hyderabad, India. The company previously announced 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 noted that the acquisition will enhance the company’s capabilities in the critical semiconductors space while reinforcing a commitment to next-gen power and energy solutions.
The company will use the funding for productizing its first-generation SoC for a leading global Original Equipment Manufacturer (OEM). And 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 as its investment banker for this round.
KEY QUOTES:
“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
“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.”
- Chetan Mehta, Founding Partner at AUM Ventures
“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.”
- Sri Badiga and Praveen Yasarapu, Co-founders at Azimuth AI
