Morphing Machines Raises ₹42 Cr to Close ₹80 Cr Series A for Its REDEFINE Chip

IISc-incubated semiconductor startup Morphing Machines has raised about ₹42 crore (around $4.4 million), closing its Series A round at ₹80 crore, according to an Inc42 exclusive based on the company's MCA filings.

The fresh capital came from Hero Enterprise Partner Ventures, Colossa Ventures (via the Colossa WomenFirst Fund) and Navam Capital (via Navam Venture Fund I). The startup's board approved the issuance of 2.10 lakh Series A CCPS at ₹1,989 per share — ₹10 face value plus a ₹1,979 premium.

This is the second tranche of the Series A. In October last year, the startup raised ₹38.4 crore (about $4.3 million) from IAN Alpha Fund, Speciale Invest, IvyCap Ventures, Golden Sparrow Ventures, IIMA Ventures and DeVC.

Founded in 2005 by SK Nandy and Ranjani Narayan, with Deepak Shapeti joining as CEO in 2021, Morphing Machines is building REDEFINE, a runtime reconfigurable core processor designed for data centres, AI infrastructure and high-performance computing.

The startup said the fresh capital will accelerate development and testing of its first production chip, convert active customer engagements into pilot deployments, strengthen the software toolchain and expand the engineering team. It also plans to deepen its footprint in the US and Europe, where demand for efficient computing infrastructure is accelerating, and target a full-scale commercial launch next year.

The company claims active engagements across cloud providers, hyperscalers and enterprise data centre operators — a meaningful signal that India's fabless chip ambitions are moving from lab prototypes toward paying enterprise pilots.