DBT Bureau
Bengaluru, 29 October 2024
Engineering services firm, Cyient has acquired a 27.3% stake in Azimuth AI, a fabless custom ASIC (Application-Specific Integrated Circuit) firm specialising in intelligent energy and power solutions. The financial details of the deal were not disclosed.
According to the company, this strategic investment marked a significant milestone in Cyient’s semiconductor journey and demonstrates the continued focus to drive accelerated growth in this industry.
Commenting on the acquisition, Krishna Bodanapu, Executive Vice-Chairman & Managing Director of Cyientsaid, “Driven by the Indian Government’s initiatives to boost domestic innovation in semiconductors, India is emerging as a hub for chip development, especially in power and energy-efficient systems. In July this year, we announced the strategic expansion of our Semiconductor business with the establishment of a fully-owned subsidiary. Investing in Azimuth AI strengthens our focus on building cutting-edge ASIC chips designed and developed in India — for the world. It further enhances our capabilities in this critical space while reinforcing our commitment to next-gen power and energy solutions. We look forward to this partnership.”
Azimuth AI’s founder and CEO, Praveen Yasarapu, said, “Our shared expertise and Cyient’s depth in ASIC design will enable us to deliver solutions that will redefine the semiconductor landscape for both Indian and international markets.”
In July this year, Cyient has announced the strategic expansion of its semiconductor business with the establishment of a fully owned subsidiary.
Cyient has a portfolio of over 600 IPs covering a range of functions and technology nodes, longstanding engagements with key customers, and global capabilities.
