According to a top official at iVP Semiconductor Pvt. Ltd., the fabless semiconductor startup plans to establish a production test facility as part of its initiative to manufacture semiconductor chips for the domestic market. Co-founder and CEO Raja Manickam disclosed that the company had secured $5 million in pre-Series A funding for its expansion endeavours. Manickam, an industry veteran, expressed his goal of initially serving clients within the domestic market and subsequently expanding the company into a global brand. He remarked that the current domestic semiconductor industry is served by numerous global companies, and he aimed to contribute to the industry's growth as an Indian company. Asserting that iVP Semiconductor is an Indian entity poised to achieve global recognition, he emphasised their intention to compete with existing players, most of whom are global corporations. In response to inquiries, he confirmed the company's intention to establish a production test facility in Chennai and another in the southern regions of the country. Regarding revenue projections for the next 3?4 years, he indicated their target of $70-100 million. The $5 million raised through pre-Series A funding is earmarked for expanding their presence, scaling operations, establishing testing facilities, and bolstering marketing efforts. iVP Semiconductor Pvt. Ltd. was reported to be in discussions with the Tamil Nadu government concerning the establishment of a production facility on a 20,000 sq ft plot in Chennai, scheduled to commence operations by October 2024. The facility will encompass capabilities from chip design to testing, ensuring high-quality products and efficient delivery support. Manickam mentioned plans to set up a testing center and procure semiconductor wafers from Taiwan. Apart from the power sector, Manickam highlighted the company's interest in other segments such as electric two-wheelers, electric vehicle charging facilities, and the Internet of Things.