Bangalore-based startup XSI Semi Conductors Pvt Ltd has raised an undisclosed amount of funding from Indian Angel Network (IAN), a national network of angel investors that invests in startups and early-stage ventures. The capital raised will be used for product development.
Talking to Techcircle.in, Rajesh Swaminathan, co-founder and CEO, XSI, shared that the company's products are currently in a prototype phase and it will use the investment to develop them further and introduce the products in the market.
"We should be able to launch the products by the end of 2014," he said.
XSI was founded in 2012 by Swaminathan along with Hrishikesh Bhagwat and Krishnadas Bhagwat. The startup offers high functional integrated chip solutions for the LED lighting market, and specialises in development of mixed signal IC based products.
IAN, which has over 250 members and has funded around 60 startups across sectors like IT, mobile, healthcare, gaming, hospitality and education, has been an active early stage investor. In 2011, IAN had invested over $8 million in 11 startups and in 2012 this amount increased to $11 million spread across 17 companies. The firm finished 2013 with 18 investments, averaging one deal every three weeks.
In November last year, High Street Essentials Pvt Ltd, the company which owns and operates FabAlley.com, an online fashion brand exclusively for women, had raised an undisclosed amount in seed funding from Indian Angel Network (IAN). The funding was led by IAN members Tushar Singh and Mohit Goyal, and as part of the investment, Singh joined the board of the startup.
In July last year, it also launched a sub-group called IAN Impact to invest in social enterprises. IAN Impact comprises of around 50 IAN members and focuses on social enterprises addressing the problems of people living at the bottom of the pyramid. IAN Impact plans to invest up to Rs 2 crore ($333,000) in six early-stage companies per year and has already invested in two companies- Delhi-based social-tech company Gram Vaani and a social marketplace for co-operatives and community-based enterprises GoCoop.com.