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Cyient acquires 27% stake in Azimuth AI to boost semiconductor capabilities
Industry News- Oct 30,24
Cyient emphasised that this investment reflects its commitment to driving innovation in the semiconductor industry.
Global engineering services company Cyient has acquired a 27.3% stake in US-based fabless custom ASIC maker Azimuth AI for $7.25 million. This strategic investment, aimed at enhancing Cyient’s semiconductor capabilities, will be routed through Cyient Semiconductors Inc, a step-down subsidiary fully owned by Cyient Semiconductors Private Limited. The deal is expected to be finalised by November 30, 2024.
Cyient emphasised that this investment reflects its commitment to driving innovation in the semiconductor industry. Azimuth AI, known for its expertise in intelligent energy and power solutions, is expected to play a key role in expanding Cyient’s portfolio.
Krishna Bodanapu, Executive Vice-Chairman and Managing Director, Cyient, remarked that the acquisition strengthens the company’s position in the critical semiconductor space. "In July, we announced the strategic expansion of our semiconductor business through a fully owned subsidiary. This investment in Azimuth AI sharpens our focus on developing cutting-edge ASIC chips designed and developed in India for global markets."
Bodanapu also highlighted the growing importance of India's semiconductor sector. "With support from the Indian government’s initiatives, the country is emerging as a hub for chip development, particularly in power and energy-efficient systems," he said.
Praveen Yasarapu, Founder and CEO, Azimuth AI, expressed enthusiasm about the partnership. "We are excited to leverage Cyient’s deep expertise in ASIC design and their ability to deliver innovative, high-quality solutions across industries. Together, we aim to push the boundaries of semiconductor technology for both global and Indian markets," Yasarapu stated.
This strategic partnership aligns with India’s ambitions to become a leader in semiconductor innovation, especially in energy-efficient technologies, further solidifying Cyient’s role in the sector.
(TOI)
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