Cyient acquires 27.3% stake in fabless custom ASIC firm Azimuth AI
The Hindu
Cyient acquires 27.3% stake in Azimuth AI, a fabless custom ASIC company specializing in intelligent energy solutions.
Intelligent engineering services company as part of a strategy to sharpen focus on the semiconductor business has acquired a 27.3% stake in fabless custom ASIC company Azimuth AI known for expertise in intelligent energy and power solutions.
“The investment marks a milestone in Cyient’s semiconductor journey and demonstrates continued focus to drive accelerated growth in this industry,” it said on Monday (October 28, 2024) in a release announcing the acquisition.
$7.25 million buy
The Hyderabad-based Cyient last week after a Board meeting said it will be investing $7.25 million for the part stake in the U.S. embedded silicon product company that develops highly differentiated application specific integrated chips (ASICs) for edge computing applications.
In July Cyient had announced a strategic expansion of its semiconductor business with establishment of a fully owned subsidiary.
“India is emerging as a hub for chip development, especially in power and energy-efficient systems. Investing in Azimuth AI strengthens our focus on building cutting-edge ASIC chips designed and developed in India. It enhances our capabilities in this critical space while reinforcing our commitment to next-gen power and energy solutions,” Executive Vice-Chairman and MD Krishna Bodanapu said.
“The synergies between our companies are clear and we are eager to leverage Cyient’s deep expertise in ASIC design... together, we aim to deliver ground breaking solutions that will push the boundaries of semiconductor technology for the global as well as Indian market,” Azimuth AI founder and CEO Praveen Yasarapu.
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