Tessolve raises $40 mn from Singapore's Novo Tellus at $100 mn valuation

 The funding will be used by Tessolve, a Hero Electronix venture, to drive further growth through acquisitions and organic investments

Tessolve, a Hero Electronix venture, has raised $40 million from Novo Tellus Capital Partners, a leading private equity firm based out of Singapore at a $100-million valuation. Tessolve is a global provider of engineering and research and development services to semiconductor companies. The funding will be used by Tessolve to drive further growth through acquisitions and organic investments.

“We are delighted to welcome Novo Tellus as a key partner in the journey to build Tessolve into the largest global provider of semiconductor engineering services,” said Ujjwal Munjal, founder-director, Hero Electronix. “Their sector expertise and experience in building technology leaders should be a great asset to Tessolve.”

Last year in March, Tessolve acquired UK-based Test & Verification Solutions (T&VS), a leading provider of chip design services. In 2017, Tessolve acquired Spectrum Integrated and analog design business of Analog Semiconductors and test lab business of Lynxemi Pte. In 2016, it bought TES DST.

Since a majority investment by Hero Electronix in 2016, Tessolve has witnessed a year-on-year growth rate of over 30 percent, achieving $75 million in 2020 revenues. It has transitioned from a semiconductor test services provider to a provider of complete engineering solutions to semiconductor companies. Its offerings range from designing chips, testing chips, and product engineering to designing electronic products. The firm has grown into an over-2,000-employee organization and has significantly expanded its global presence with 15 offices across the US, India, Singapore, Malaysia, Europe, the UK, and Taiwan. Its client base includes leading marquee names from the technology industry, including eight of the top 10 semiconductor companies.