Ineda Systems, a developer of SoCs (system on a chip) for wearables and Internet of Things (IoT) market, has raised $17 million in Series B funding.
The investment was led by Walden-Riverwood Ventures and includes co-investors Samsung Catalyst Fund, Qualcomm Ventures, IndusAge Partners and others, along with existing investors that include Imagination Technologies.
The chip vendor said the funding will be used to further develop Ineda’s new semiconductor and software products that are aimed at the wearable device segment. These SoCs will be applicable to a multitude of devices such as smartwatches, health and fitness trackers and other wearable devices, as well as IoT.
“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.
The company has offices in Santa Clara, California, USA and Hyderabad, India.
Recently, Ineda Systems announced its Dhanush family of Wearable Processing Units (WPU). The Dhanush WPU family supports wearable devices including fitness bands, smart watches, glasses, athletic video recorders and the Internet of Things.
The Dhanush WPUs will enable a new industry milestone for always-on battery life of up to one month. The Dhanush WPU is powered by Ineda’s Hierarchical Computing architecture. Dhanush is sampling to tier-one customers now, and will be available in volume production in the second half of 2014.
