Cyient, Hyderabad, October 28, 2024: Cyient, a global Intelligent Engineering services company, announced the acquisition of a 27.3% stake in Azimuth AI, a fabless custom ASIC company known for its expertise in intelligent energy and power solutions. This strategic investment marks a significant milestone in Cyient’s semiconductor journey and demonstrates the continued focus to drive accelerated growth in this industry.
Krishna Bodanapu, Executive Vice Chairman & Managing Director of Cyient, said, “Driven by the Indian Government’s initiatives to boost domestic innovation in semiconductors, India is emerging as a hub for chip development, especially in power and energy-efficient systems. In July this year, we announced the strategic expansion of our semiconductor business with the establishment of a fully owned subsidiary. Investing in Azimuth AI strengthens our focus on building cutting-edge ASIC chips designed and developed in India—for the world. It further enhances our capabilities in this critical space while reinforcing our commitment to next-gen power and energy solutions. We look forward to this partnership.”
Praveen Yasarapu, Founder and CEO of Azimuth AI, said, “We are pleased to embark on this journey with Cyient. The synergies between our companies are clear, and we are eager to leverage Cyient’s deep expertise in ASIC design, coupled with their proven ability to deliver high-quality, innovative solutions across multiple industries. Together, we aim to deliver groundbreaking solutions that will push the boundaries of semiconductor technology for the global as well as Indian market.”
This strategic investment marks another significant step in Cyient’s ongoing efforts to expand its capabilities and drive innovation across the semiconductor industry.
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