Tessolve raises $40 million in funding from Novo Tellus

Hero Electronix-owned end-to-end semiconductor engineering and testing service provider Tessolve has raised $40 million in funding from Singapore-based private equity firm Novo Tellus at a valuation of $100 million, as it looks to build chops in semiconductor design to feed a growing demand for custom silicon globally.

Tessolve plans to utilise the capital to beef up its semiconductor design and engineering capabilities inorganically through acquisitions in the US Bay area, while also expanding its geographical presence. It said it will also invest in developing IP for its test engineering business, which today drives over 80% of the company’s revenues.