SFAL incubated startups in Karnataka raise Rs 114 crore

Bengaluru: Semiconductor Fabless Accelerator Lab (SFAL) incubated startups in Karnataka have raised close to Rs 114 crore, benefitting from the initiative of the state government, said IT/BT minister Priyank Kharge on Wednesday. The valuation of these incubated startups is around Rs 500 crore. 

Speaking at the event, Priyank Kharge, Minister for IT/BT, said, “Karnataka paves the path for India’s semiconductor industry. We are unique for two reasons: our skills and product innovations. Our state boasts a highly skilled workforce and an ecosystem that fosters cutting edge research and development.” 

Additionally, he also highlighted that representatives of several other state governments, including Gujarat, Madhya Pradesh, Tamil Nadu, Orissa have approached the Karnataka government to understand its operating model to help them facilitate a set up of similar fabless incubators in the respective states. 

On job creation in the electronics system design and manufacturing sector, Priyank Kharge said, “800 jobs have been created in the ESDM sector and while the number may sound miniscule, they are only the numbers for high skilled roles.”