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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.