Cyient acquires stake in US-based Azimuth AI to advance semiconductor capabilities

Intelligence engineering solutions company Cyient has acquired a 27.3% stake in Azimuth AI, a fabless custom ASIC (Application-Specific Integrated Circuit) firm specialising in intelligent energy and power solutions.

The amount of deal was not disclosed by the company.

The investment aligns with India's push for domestic semiconductor innovation and follows Cyient's set up of a wholly owned semiconductor subsidiary in July 2024.

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, particularly in power and energy-efficient systems. Our recent launch of a fully-owned semiconductor subsidiary was the first step, and this investment in Azimuth AI reinforces our strategy to build next-generation ASIC chips in India for global markets.”

Azimuth AI’s founder and CEO, Praveen Yasarapu, said, “Our shared expertise and Cyient’s depth in ASIC design will enable us to deliver solutions that will redefine the semiconductor landscape for both Indian and international markets.”

Cyient boasts a portfolio of over 600 intellectual properties that span multiple functions and technology areas, along with long-lasting partnerships with major clients and global capabilities.

Earlier this month, Cyient also partnered with Business Finland, Finland’s government organization focused on innovation. The collaboration seeks to advance technologies in areas such as 5G, artificial intelligence, sustainability, space tech, and robotics, aiming to boost Finland’s standing as a global leader in digital innovation. 

Gitta Perez, Regional Director for the Middle East and India at Business Finland, said that time: “This collaboration provides Finnish businesses with access to Cyient’s extensive network, unlocking new market opportunities and reinforcing Finland’s leadership in emerging technologies.”

On October 24, the Hyderabad-based company released its Q2 results, reporting a year-over-year revenue increase of 3.97% and a profit rise of 0.45%. Compared to the previous quarter, the company saw a notable revenue growth of 10.35%, with profits experiencing a significant jump of 24.46%.