Raana Semiconductors attracts $3-M

Hosur, Tamil Nadu-based Raana Semiconductors has raised USD 3 million (around INR 27 crore) in a seed funding round, led by Equirus Innovatex Fund and Artha Venture Fund, with participation from IvyCap Ventures, PointOne Capital, CIIE Initiatives (IIMA Ventures), and angel investor Garimella Laxminarayana.Founded in 2015 by Rajasekar Elavarasan, Raana Semiconductors focuses exclusively on Czochralski (CZ)-based crystal growth equipment and also develops ingot growth solutions for solar-grade materials.The company plans to use the new funds to accelerate product development and research and development (R&D), aiming to build an indigenously designed CZ monocrystalline silicon ingot grower that can produce 10- to 12-inch diameter silicon ingots.