AsianScientist (Apr. 21, 2014) – Ineda Systems, a US and Indian start-up that develops low-power SoCs (system on a chip) for use in the wearables and Internet of Things (IoT) market segment, has raised US$17 million in Series B funding.
The investment was led by Walden-Riverwood Ventures and includes co-investors Samsung Catalyst Fund, Qualcomm Incorporated (through its venture capital arm Qualcomm Ventures), IndusAge Partners and others, along with existing investors that include Imagination Technologies, whose IP cores such as processor, graphics and other cores are used in Ineda’s products.
The funding will be used to further develop Ineda’s new class of highly integrated, ultra-low power semiconductor and software products that are aimed at the wearable device segment. These SoCs will be applicable to devices such as smartwatches, health and fitness trackers and other wearable devices.
“The market is primed for a new class of semiconductor architecture that is specifically designed to be ultra-low power and high performance for use in the rapidly growing wearable technology space,” said Ineda Systems CEO Dasaradha Gude.
“With its industry-first WPU technology and world-class management team, we are confident that Ineda Systems will be able to meet the long battery life and high performance requirements in the wearables market,” said Sanjay Jha, Ineda Systems chairman and CEO of GLOBALFOUNDRIES.
Source: Ineda Systems; Photo: Juhan Sonin/Flickr/CC.
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