US-based Ineda Systems, a developer of low-power SoCs (system on a chip) for use in the fast-growing wearables and Internet of Things (IoT) market segment, today announced it had raised $17 million in Series B funding.
Ineda is a startup company founded by Indian and US entrepreneurs and has offices at Santa Clara in California and Hyderabad. Global Foundries chief executive officer, Sanjay Jha, is Ineda’s chairman.
The other external board members include Lip-Bu Tan, chairman of Walden International and CEO of Cadence, and Krishna Yarlagadda, president of Imagination Inc.
The fresh 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, the company stated in a press release here on Tuesday.
It said the funding would be used to further develop Ineda’s new class of integrated, ultra-low power 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,” Ineda chief executive officer, Dasaradha Gude, said.