SEALSQ Corp (NASDAQ: LAES) and Kaynes SemiCon have finalized a 51‑percent/49‑percent joint venture, SEALKAYNESQ Ltd, that will design, test, and manufacture a sovereign Indian post‑quantum semiconductor platform. The new company will operate a secure design, test, and on‑shore personalization center in India, moving beyond a traditional OSAT model to deliver quantum‑resistant, security‑critical chips for government, defense, finance, healthcare, critical infrastructure, and large‑scale IoT ecosystems.
The partnership aligns directly with India’s Ministry of Electronics and Information Technology (MeitY) and the country’s $10 billion embedded‑security‑chip target by 2028. By combining SEALSQ’s QS7001 Quantum Shield architecture, VaultIC secure microcontrollers, and QVault‑TPM processors with Kaynes’s manufacturing capacity and local market expertise, the joint venture positions both companies to capture a rapidly expanding market that is driven by the global shift toward post‑quantum cryptography and the need for digital sovereignty.
Kaynes SemiCon’s Sanand, Gujarat facility—home to India’s first packaged semiconductor chips—provides the manufacturing backbone for the venture. SEALSQ’s technology stack, built on proven post‑quantum algorithms, will be integrated into the design flow, enabling end‑to‑end security from silicon to system. The collaboration also benefits from the Swiss‑India Free Trade Agreement, which reduces customs duties on advanced semiconductor equipment, and from India’s Semicon India Programme and Design‑Linked Incentive scheme, which offer incentives for domestic chip design and manufacturing.
SEALSQ’s balance sheet remains strong, with cash reserves exceeding debt, giving the company flexibility to invest in the joint venture while maintaining a healthy liquidity profile. The move is expected to open a new revenue stream in a high‑growth, regulated market, and to reinforce SEALSQ’s position as a leader in post‑quantum security solutions. While the company’s valuation has attracted scrutiny, the strategic partnership is viewed as a significant step toward long‑term growth in a sector that is becoming increasingly critical to national security and digital infrastructure.
CEO Carlos Moreira said the joint venture “is a defining moment in India’s semiconductor journey,” emphasizing that the collaboration “will protect critical national infrastructure for decades to come.” Kaynes CEO Raghu Panicker echoed this sentiment, noting that the partnership “combines advanced manufacturing, OSAT capabilities, and world‑class post‑quantum security technologies to create a uniquely Indian, secure, and future‑ready semiconductor ecosystem.”
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