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GENEVA/MUMBAI - SEALSQ Corp (NASDAQ:LAES), a semiconductor security solutions provider with a market capitalization of $551 million and an impressive 713% return over the past year according to InvestingPro, has signed a term sheet with Indian firm Kaynes SemiCon to establish a joint venture called SEALKAYNESQ Ltd in India, according to a press release statement issued Monday.
The joint venture aims to develop a semiconductor design and personalization center with a focus on high-security solutions. SEALSQ will hold a 51% stake in the venture, while Kaynes SemiCon will own 49%, with governance shared equally under a five-member board. SEALSQ brings strong financial fundamentals to the partnership, with InvestingPro data showing the company maintains more cash than debt and a healthy current ratio of 7.38, indicating robust liquidity.
The companies plan to establish an Outsourced Semiconductor Test & Personalization facility within Kaynes SemiCon’s manufacturing site in India. The facility will offer Wafer/Final Test services compliant with Common Criteria standards and integrate Public Key Infrastructure and Post-Quantum Cryptography capabilities.
A key objective of the partnership is the localized deployment of SEALSQ’s Quantum Shield semiconductor in India to provide post-quantum computing security across multiple sectors.
"This partnership with Kaynes SemiCon leverages SEALSQ’s expertise in building advanced semiconductor personalization and design to enter India’s vibrant market through a trusted local manufacturer," said Carlos Moreira, CEO of SEALSQ.
Raghu Panicker, CEO of Kaynes SemiCon, noted that the collaboration aligns with India’s ambition for semiconductor self-reliance.
Kaynes SemiCon, a subsidiary of Kaynes Technology India Limited, is reportedly on track to deliver its first packaged semiconductor chips by October 2025 from its facility in Sanand, Gujarat. The company has secured agreements with Alpha Omega Semiconductor, Fujitsu, Enti, and Infineon.
The joint venture is expected to benefit from the Swiss-India Free Trade Agreement signed a year ago, which provides customs relief for 94.7% of Swiss exports to India.
In other recent news, SEALSQ Corp has announced a joint venture with Kaynes SemiCon to form SEALKAYNESQ Ltd in India, focusing on developing a semiconductor design and personalization center. This initiative will include an Outsourced Semiconductor Test & Personalization facility at Kaynes SemiCon’s manufacturing site, aiming to enhance testing services and integrate advanced cryptographic capabilities. Meanwhile, SEALSQ is also collaborating with AuthenTrend Technology, Inc. on a proof-of-concept for a quantum-proof biometric key using the Quantum Shield QS7001 chip.
Additionally, SEALSQ’s CEO, Carlos Moreira, has joined the board of directors of WeCan Group SA, where SEALSQ holds a 28.3% equity stake. SEALSQ has further announced plans to launch its Quantum Shield QS7001 chip in November 2025, featuring quantum-resistant algorithms designed to protect critical applications. In the same month, SEALSQ is preparing for a satellite launch to deploy post-quantum-ready technology in space, adding to WISeSat’s existing constellation of 22 satellites. These developments reflect SEALSQ’s ongoing efforts to advance quantum-resistant technologies and expand its strategic partnerships.
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