Tessolve, a Hero Electronix venture and an end-to-end engineering solution partner for semiconductor and product companies, has raised $40 million in funding from Novo Tellus.
Tessolve aims to use the fresh funds raised to strengthen its semiconductor design and enhance its engineering capabilities inorganically via acquisitions in the US Bay area. The company is also planning to use the capital to expand its geographical presence.
“Being in India our mindset is towards growing in services. But the way the semiconductor industry is evolving, from a few large players now even unrelated companies like GoPro, Facebook and Google want to build their own chips. We wanted someone to come help walk us through this journey,” said founder director at Hero Electronix – Ujjwal Munjal.
Wai San Loke, co-founder and managing partner, Novo Tellus Capital Partners, added, “Having made multiple investments in the semiconductor space through the years, it is clear to us that Tessolve’s unique value proposition to its global customers puts it in a great position to benefit from the secular growth trends in semiconductors.”
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