Cyient raised $30 mn in $500 mn valuation to tap power chip demand from AI

Chennai: Cyient Semiconductors has raised $30 million in financing from Edelweiss and others, comprising $10 million equity investment and $20 million in debt at a post-money equity valuation of $500 million to scale up its business globally. The company plans to expand its capabilities in power semiconductors and custom silicon to tap into the growing demand for power chips in data centres.The financing will help the company’s research and development, expansion of product portfolio, building testing infrastructure and working capital and support longer-cycle global customer programs, it said in exchange filings.Wholly owned subsidiary of Cyient Ltd, the company is building semiconductor products in a fabless model and securing orders from global customers, transitioning from engineering services. Last April, it acquired Kinetic Technologies, targeting its capabilities in data centre power chips among other things. It also secured the SCL modernisation program.