Tessolve has raised $40 million from Singapore-based Novo Tellus Capital Partners, valuing the engineering and R&D services provider at $100 million.
The official statement revealed that the latest funding will be utilized by the company to accelerate further growth by acquisitions and organic investments.
Speaking about the investment, Ujjwal Munjal, Founder Director, Hero Electronix, said, “We are delighted to welcome Novo Tellus as a key partner in the journey to build Tessolve into the largest global provider of semiconductor engineering services. Their sector expertise and experience building technology leaders should be a great asset to Tessolve.”
Tessolve’s offerings extend from designing and testing chips and product engineering to designing electronic products. It has developed into an over 2,000 employee-strong organization with offices across the US, India, Singapore, Malaysia, Europe, the UK, and Taiwan.
Commenting on the development, Wai San Loke, Co-founder and Managing Partner, Novo Tellus Capital Partners, said, “We are excited to be an equity partner to Hero Electronix in working with the Tessolve management team to further scale the company. 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.”
Despite the ongoing pandemic, the semiconductor industry claims to have observed substantial resilience growing 5.4 percent to $442 billion in 2020.
Nikhil Rajpal, CEO, Hero Electronix said “Tessolve has the potential and opportunity to grow into 3X its current size in the next 4-5 years. This capital infusion will provide us with the firepower to make the right organic and inorganic investments to drive towards that goal.”
Srinivas Chinamilli, CEO, Tessolve further added, “This investment is a validation of the hard work done by Tessolvians in building the company into a global leader in semiconductor engineering. Our vision is to partner with our customer from concept to silicon and this investment will help us to get to that vision faster.”
In March last year, the company had acquired UK-based chip design services provider Test & Verification Solutions (T&VS) for an undisclosed amount.
Tessolve has a great performance record and with the help of the recent funding, would be able to scale further.Shishir Gupta, Founder and CEO, StartupLanes
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