SEALSQ and Kaynes SemiCon Announce Joint Venture to Establish India's First Secure Semiconductor Center for Onshore Personalization and Quantum-Resistant Technology

Rhea-AI Summary

SEALSQ (NASDAQ: LAES) has announced a strategic joint venture with Kaynes SemiCon to establish SEALKAYNESQ Ltd, India's first secure semiconductor center. SEALSQ will hold 51% ownership while Kaynes SemiCon will hold 49% of the venture.

The JV will create an Outsourced Semiconductor Test & Personalization (OSTP) facility at Kaynes SemiCon's India site, focusing on advanced Wafer/Final Test services with Common Criteria compliance and Post-Quantum Cryptography capabilities. A key initiative includes deploying SEALSQ's Quantum Shield semiconductor locally, enhancing India's post-quantum computing resilience.

Kaynes SemiCon, with $340 million TTM revenue and $5.44 billion market cap, is set to become India's first company to deliver packaged semiconductor chips by October 2025. The venture will benefit from the recently signed Swiss-India Free Trade Agreement, with 94.7% of Swiss exports to India receiving customs relief.

Positive

• Strategic 51% controlling stake in joint venture for SEALSQ in India's growing semiconductor market
• First-mover advantage in India's secure semiconductor space with quantum-resistant technology
• Benefits from Swiss-India Free Trade Agreement with 94.7% customs relief on Swiss exports
• Partnership with Kaynes SemiCon, a strong local player with $340M revenue and $5.44B market cap
• Access to multiple high-growth sectors including finance, healthcare, government, and defense

Negative

• Significant investment required for establishing OSTP facility
• Complex regulatory environment in India for semiconductor manufacturing
• Competitive pressure from established global semiconductor players
• Dependence on successful integration of both companies' technologies and operations

Insights

Semiconductor Industry Analyst

SEALSQ-Kaynes JV creates India's first secure semiconductor center with quantum-resistant tech, strengthening India's semiconductor ecosystem and digital sovereignty.

This joint venture represents a significant strategic move in India's semiconductor landscape. SEALSQ (51% ownership) brings critical expertise in post-quantum cryptography and secure semiconductors, while Kaynes SemiCon (49% ownership) contributes its emerging manufacturing capabilities in India's growing semiconductor ecosystem. The partnership will establish an Outsourced Semiconductor Test & Personalization facility at Kaynes' manufacturing site, which is particularly notable as Kaynes is poised to become the first company to deliver packaged semiconductor chips in India by October 2025.

What's technically impressive is the planned implementation of Common Criteria standards along with Public Key Infrastructure and Post-Quantum Cryptography personalization capabilities. This positions the JV to develop chips that will remain secure in the post-quantum computing era. The localized deployment of SEALSQ's Quantum Shield semiconductor will provide a foundation for quantum-resistant computing across multiple sectors in India.

The timing is strategic as well. Kaynes SemiCon is currently building out its Sanand facility with government support, with qualification testing scheduled for September 2025. The facility will focus on power packages including IGBT, IPM, and power MOSFETs. The JV will benefit from Kaynes' existing relationships with Alpha Omega Semiconductor, Fujitsu, Enti, and Infineon, which could accelerate market entry and technology adoption.

Additionally, the JV should gain advantages from the recently signed Swiss-India Free Trade Agreement, which will reduce costs for importing advanced semiconductor equipment and components—a crucial factor considering India's typically high import duties.

This venture aligns perfectly with India's national semiconductor strategy and global efforts to build resilient supply chains. By embedding high-security features and post-quantum capabilities at the chip level, the partnership addresses growing concerns about digital sovereignty and security in critical sectors including finance, healthcare, government, and defense.

Quantum Technology Expert

The SEALKAYNESQ joint venture represents a significant advancement in post-quantum security infrastructure for India's technology sector. What makes this partnership technically noteworthy is the focus on implementing post-quantum cryptography at the hardware level through specialized semiconductor design.

SEALSQ's contribution of its QS7001 and QVault-TPM post-quantum secure processors addresses a critical technological gap in India's digital infrastructure. These specialized processors are designed to resist attacks from quantum computers, which threaten to break current encryption standards through algorithms like Shor's algorithm that can factor large numbers exponentially faster than classical computers.

The deployment of SEALSQ's Quantum Shield semiconductor technology in India is especially timely as quantum computing advances accelerate globally. Rather than waiting for quantum computers to break existing cryptography, this proactive approach ensures that hardware being manufactured today can be secure against future threats. The integration of personalization capabilities at the chip level allows for cryptographic agility—the ability to update security protocols without replacing hardware.

Particularly valuable is the Common Criteria compliance planned for the testing facility. This international standard (ISO/IEC 15408) ensures rigorous security evaluation of IT products and will elevate the quality of India's semiconductor output to match global security standards.

The JV's approach to IP sharing is also noteworthy—WISeKey and SEALSQ will license existing IP exclusively to the JV, with newly developed IP owned by the joint entity. This structure creates incentives for continuous innovation while providing immediate access to proven technologies like SEALSQ's VaultIC hardware security modules.

By establishing local production of quantum-resistant chips, India gains technological sovereignty in an area that will become increasingly critical for national security, financial systems, and digital infrastructure as quantum computing advances.

Geneva, Switzerland / India, Sept. 29, 2025 (GLOBE NEWSWIRE) --  

SEALSQ Corp (NASDAQ: LAES) ("SEALSQ" or "Company"), a company that focuses on developing and selling Semiconductors, PKI, and Post-Quantum technology hardware and software products,, a subsidiary of WISeKey International Holding AG (Nasdaq: WKEY, SIX: WIHN), a global leader in cybersecurity, digital identity, and IoT solutions platform, today announced the signing of a Term Sheet with Kaynes SemiCon to form a Joint Venture company, SEALKAYNESQ Ltd, to be established in India. The new entity aims to focus on developing a state-of-the-art semiconductor design and personalization center, strengthening India’s strategic position in the global semiconductor supply chain. This strategic collaboration moves beyond a generic design center, to create a specialized hub for high-security semiconductor solutions.

The proposed Joint Venture plans to establish an Outsourced Semiconductor Test & Personalization (OSTP) facility within Kaynes SemiCon’s manufacturing site in India. This initiative aims to enhance Kaynes SemiCon capabilities with advanced Wafer/Final Test services, compliant with Common Criteria (CC) standards, and integrate Public Key Infrastructure (PKI) and Post-Quantum Cryptography (PQC) personalization capabilities to serve the INDIA market where National Security regulations apply. A key strategic milestone will be the localized deployment of the SEALSQ Quantum Shield semiconductor in India, providing a foundation for secure post-quantum computing resilience across multiple sectors.

SEALSQ will hold 51% of the JV’s share capital, while Kaynes SemiCon will hold 49%, with governance shared equally under a five-member board. Intellectual property rights will be licensed exclusively to the JV by WISeKey and SEALSQ, with new IP developed by the JV owned by the company.

This partnership combines SEALSQ’s leadership in cybersecurity, post-quantum cryptography, and secure semiconductors with Kaynes SemiCon’s fast-rising semiconductor manufacturing capabilities in India, aligning with global supply chain resilience goals and India’s national semiconductor strategy.

SEALSQ’s contribution is pivotal in advancing India’s Post-Quantum resilience. With its portfolio of PQC-ready chips, secure elements, and crypto-processors IPs, SEALSQ has the potential to enable India to future-proof its digital infrastructure against the risks posed by quantum computers. The Company’s proven experience in deploying PKI lifecycle management platforms (INeS), its VaultIC hardware security modules, its QS7001 and QVault-TPM post-quantum secure processor can empower India to secure critical sectors such as finance, healthcare, government, defense, and IoT ecosystems in relation with India National Security. By embedding PQC personalization at the chip level, SEALSQ aims to ensure that Indian-made devices and systems remain secure well beyond the arrival of practical quantum computing, reinforcing India’s digital sovereignty and global competitiveness.

Carlos Moreira, CEO of SEALSQ, said, “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. By combining our Quantum Shield QS7001 technology and post-quantum cryptography capabilities with Kaynes SemiCon’s robust manufacturing infrastructure, we aim to deliver secure, future-ready solutions that align with India’s national priorities and enhance its position in the global digital landscape.”

Raghu Panicker, CEO of Kaynes SemiCon, added, “This collaboration is a testament to our commitment to put India on the global semiconductor map. At Kaynes SemiCon, we have accelerated every step from design to prototype to mass production, driving India’s ambition to achieve semiconductor self-reliance. By joining forces with SEALSQ, we are now incorporating world-class security, post-quantum cryptography, and advanced personalization into our OSAT platform, a move that empowers Indian innovation and enables our customers to confidently enter the next era of secure digital infrastructure.

Quantum principles fundamentally govern semiconductor behavior, explaining how they conduct electricity, allowing for the creation of transistors and modern electronics. Today, at the intersection of quantum phenomena and semiconductors, we’re harnessing these “Quantum plus Semiconductor” strengths to build breakthrough technologies like quantum computers using advanced materials for qubits, and quantum dots for novel photonic applications. This convergence merges the reliability of mature semiconductor fabrication with the cutting edge of quantum mechanics, driving the development of future-ready solutions that are faster, more efficient, and vastly more powerful. At Kaynes SemiCon, we are uniquely positioned to use these quantum-driven advancements to meet our strategic goals and establish ourselves as India’s leader in the semicon space. By integrating quantum technologies at the heart of our innovation platform, we deliver next-generation secure chips and device solutions for critical industries, solidifying our leadership in both the Indian and global semiconductor markets.

As we prepare for our first chip shipments from Sanand and expand our technology partnerships, this JV marks a significant leap toward realizing India’s vision for electronics manufacturing and end-to-end semiconductor solutions. Together with SEALSQ, we are building the foundation for a quantum-secure, globally competitive future for India’s digital sector.”

Kaynes SemiCon, a subsidiary of Kaynes Technology India Limited, is a key Indian company in the semiconductor sector, focusing on Outsourced Semiconductor Assembly and Test (OSAT) facilities to produce packaged chips in Sanand, Gujarat. Kaynes SemiCon is on track to become the first in India to deliver packaged semiconductor chips by October 2025, a significant milestone for India's semiconductor ambitions. Kaynes SemiCon has secured a multi-year agreement with Alpha Omega Semiconductor for its initial production, with chips catering to sectors like electric vehicles, satellites, and consumer electronics. Its facility in Sanand has government approval and significant investment, with a mid-volume production line (Unit-1) nearing completion. Machinery and clean rooms are already installed, and qualification testing is scheduled for September end 2025, followed by the first delivery of chip samples to Alpha Omega in the USA in October 2025. This milestone will position Kaynes SemiCon as the first company in India to produce packaged semiconductor chips. Beyond Alpha Omega, Kaynes SemiCon is also working with Fujitsu, Enti, and Infineon, while planning to expand its customer base in Japan and the USA. The Sanand facility is planning to manufacture a wide range of power packages, including IGBT, IPM, and power MOSFETs, with substantial support from both central and state governments under the India Semiconductor Mission and the Make in India initiative. Kaynes SemiCon is therefore set to play a pivotal role in transforming India into a global semiconductor hub and achieving self-reliance in advanced electronics manufacturing.

The Joint Venture should also further benefit from the recently signed Swiss–India Free Trade Agreement (FTA) framework. After sixteen years of negotiations, Switzerland signed the agreement with India a year ago, along with the other members of the European Free Trade Association (EFTA) — Iceland, Liechtenstein, and Norway. Under the agreement, 94.7% of Swiss exports to India will benefit from customs relief, a crucial factor since India currently levies very high customs duties on most imported products. This trade framework will significantly enhance the JV’s competitiveness by reducing costs associated with the import of advanced semiconductor equipment, technology, and components, while facilitating smoother bilateral trade flows between Switzerland and India.

As of mid-September 2025, Kaynes Technology’s trailing twelve-month (TTM) revenue was $340 million, with a market capitalization of $5.44 billion. This strong financial foundation underscores Kaynes SemiCon’s capacity to scale advanced semiconductor initiatives and support India’s ambition to become a global semiconductor hub.

About Kaynes SemiCon
Kaynes SemiCon, a subsidiary of Kaynes Technology India Ltd, is a key player in India’s semiconductor manufacturing ecosystem, focusing on OSAT capabilities, electronics manufacturing, and localization of advanced technology to support India’s semiconductor self-reliance initiatives.

About WISeKey

WISeKey International Holding Ltd (“WISeKey”, SIX: WIHN; Nasdaq: WKEY) is a global leader in cybersecurity, digital identity, and IoT solutions platform. It operates as a Swiss-based holding company through several operational subsidiaries, each dedicated to specific aspects of its technology portfolio. The subsidiaries include (i) SEALSQ Corp (Nasdaq: LAES), which focuses on semiconductors, PKI, and post-quantum technology products, (ii) WISeKey SA which specializes in RoT and PKI solutions for secure authentication and identification in IoT, Blockchain, and AI, (iii) WISeSat AG which focuses on space technology for secure satellite communication, specifically for IoT applications, (iv) WISe.ART Corp which focuses on trusted blockchain NFTs and operates the WISe.ART marketplace for secure NFT transactions, and (v) SEALCOIN AG which focuses on decentralized physical internet with DePIN technology and house the development of the SEALCOIN platform.

Each subsidiary contributes to WISeKey’s mission of securing the internet while focusing on their respective areas of research and expertise. Their technologies seamlessly integrate into the comprehensive WISeKey platform. WISeKey secures digital identity ecosystems for individuals and objects using Blockchain, AI, and IoT technologies. With over 1.6 billion microchips deployed across various IoT sectors, WISeKey plays a vital role in securing the Internet of Everything. The company’s semiconductors generate valuable Big Data that, when analyzed with AI, enable predictive equipment failure prevention. Trusted by the OISTE/WISeKey cryptographic Root of Trust, WISeKey provides secure authentication and identification for IoT, Blockchain, and AI applications. The WISeKey Root of Trust ensures the integrity of online transactions between objects and people. For more information on WISeKey’s strategic direction and its subsidiary companies, please visit www.wisekey.com.

About SEALSQ:
SEALSQ is a leading innovator in Post-Quantum Technology hardware and software solutions. Our technology seamlessly integrates Semiconductors, PKI (Public Key Infrastructure), and Provisioning Services, with a strategic emphasis on developing state-of-the-art Quantum Resistant Cryptography and Semiconductors designed to address the urgent security challenges posed by quantum computing. As quantum computers advance, traditional cryptographic methods like RSA and Elliptic Curve Cryptography (ECC) are increasingly vulnerable.

SEALSQ is pioneering the development of Post-Quantum Semiconductors that provide robust, future-proof protection for sensitive data across a wide range of applications, including Multi-Factor Authentication tokens, Smart Energy, Medical and Healthcare Systems, Defense, IT Network Infrastructure, Automotive, and Industrial Automation and Control Systems. By embedding Post-Quantum Cryptography into our semiconductor solutions, SEALSQ ensures that organizations stay protected against quantum threats. Our products are engineered to safeguard critical systems, enhancing resilience and security across diverse industries.

For more information on our Post-Quantum Semiconductors and security solutions, please visit www.sealsq.com.

Forward-Looking Statements
This communication expressly or implicitly contains certain forward-looking statements concerning SEALSQ Corp and its businesses. Forward-looking statements include statements regarding our business strategy, financial performance, results of operations, market data, events or developments that we expect or anticipate will occur in the future, as well as any other statements which are not historical facts. Although we believe that the expectations reflected in such forward-looking statements are reasonable, no assurance can be given that such expectations will prove to have been correct. These statements involve known and unknown risks and are based upon a number of assumptions and estimates which are inherently subject to significant uncertainties and contingencies, many of which are beyond our control. Actual results may differ materially from those expressed or implied by such forward-looking statements. Important factors that, in our view, could cause actual results to differ materially from those discussed in the forward-looking statements include SEALSQ's ability to continue beneficial transactions with material parties, including a limited number of significant customers; market demand and semiconductor industry conditions; and the risks discussed in SEALSQ's filings with the SEC. Risks and uncertainties are further described in reports filed by SEALSQ with the SEC.

SEALSQ Corp is providing this communication as of this date and does not undertake to update any forward-looking statements contained herein as a result of new information, future events or otherwise.

SEALSQ Corp. Carlos Moreira Chairman & CEO Tel: +41 22 594 3000 info@sealsq.com

SEALSQ Investor Relations (US) The Equity Group Inc. Lena Cati Tel: +1 212 836-9611 lcati@theequitygroup.com

FAQ

What is the ownership structure of the SEALSQ-Kaynes SemiCon joint venture?

SEALSQ will hold 51% ownership of SEALKAYNESQ Ltd, while Kaynes SemiCon will hold 49%, with governance shared equally under a five-member board.

When will Kaynes SemiCon deliver its first packaged semiconductor chips in India?

Kaynes SemiCon is scheduled to deliver its first packaged semiconductor chips by October 2025, becoming the first company in India to achieve this milestone.

What is SEALSQ's contribution to the joint venture?

SEALSQ contributes its expertise in cybersecurity, post-quantum cryptography, secure semiconductors, PQC-ready chips, secure elements, and crypto-processors IPs, including its VaultIC hardware security modules and QS7001 post-quantum secure processor.

How will the Swiss-India Free Trade Agreement benefit SEALKAYNESQ Ltd?

The agreement provides customs relief for 94.7% of Swiss exports to India, reducing costs for importing advanced semiconductor equipment, technology, and components.

What are Kaynes SemiCon's current financial metrics?

Kaynes SemiCon's parent company has trailing twelve-month revenue of $340 million and a market capitalization of $5.44 billion as of mid-September 2025.

Which sectors will the joint venture serve in India?

The venture will serve critical sectors including finance, healthcare, government, defense, and IoT ecosystems, particularly focusing on areas related to India's National Security.