Tessolve, a Bengaluru-based semiconductor engineering services firm owned by Hero Electronix, has secured $150 million from the growth division of investment firm TPG for acquisitions. It will enhance its testing laboratories and strengthen its global delivery centres, according to a statement issued by the companies on September 1.
The investment will be used to bolster Tessolve’s global delivery centres, broaden its advanced testing laboratories and expedite strategic acquisitions as it aims to solidify its position within the global semiconductor value chain.
“With the support of over 3,500 engineers, Hero Electronix and Novo Tellus Capital Partners, we are excited to welcome TPG as a partner in shaping the future of semiconductors,” the company said in a statement.
Ujjwal Munjal, who serves as the vice chairman of Hero Electronix and the chairman of Tessolve, described the agreement as a “significant milestone”. He noted that partnering with TPG would facilitate Tessolve’s growth, positioning it as a key contributor to the global semiconductor value chain, the Business Standard reported.
Srini Chinamilli, the CEO and cofounder of Tessolve, said, “Over the past couple of decades, Tessolve has built deep capabilities throughout the semiconductor engineering value chain, from chip architecture to design, test development and embedded systems.”
Tessolve partners with 18 of the world’s top 20 semiconductor firms and employs over 3,000 engineers in India, the US, UK, Germany, Singapore and Malaysia. This deal also highlights private equity’s interest in semiconductor supply chain opportunities beyond manufacturing.
According to Tracxn, Tessolve has secured a total of $213 million across eight funding rounds: one seed round, one early-stage round, five late-stage rounds and one private equity round.
The semiconductor industry’s growing importance, driven by AI, automotive electrification and cloud demand, has heightened the need for engineering services that aid chip companies in transitioning from design to production.
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