Indian Angel Network invests in xSi Semiconductors

NEW DELHI: The Indian Angel Network has invested an undisclosed sum in integrated chip solutions provider xSi Semiconductors, the country largest and oldest angel network announced on Tuesday.

Lip Bu Tan, the chairman of global venture capital firm, Walden International, has also participated in the round of funding, according to a press statement released by the angel network.

Founded in 2012, the startup’s core focus area is in power management, primarily in LED drivers and voltage regulators.

“xSi founders have an in-depth knowledge of the space,” said Hemant Kanakia, IAN member who led the investment in xSi Semiconductors.

The angel investor network typically invests less than $1 million (Rs 6.3 crore), with its sweet spot ranging between $400,000 (Rs 2.5 crore) and $600,000 (Rs 3.8 crore) for stakes of between 15% and 30%. Separately, Silicon Valley-based Walden counts companies such as Airtight Networks, Quattro BPO Solutions and E4E Inc in its India portfolio.

Kanakia will also be on the board of the company, which was founded by Rajesh Swaminathan, Krishnadas and Hrishikesh.

“We plan to use their guidance and network to create value to our customers, investors and employees,” said Swaminathan, co-founder and chief executive of xSi Semiconductors.