Ineda Systems raises $17 million

Hyderabad, April 8: 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, Tuesday announced that it has raised $17 million in Series B funding.

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 a multitude of devices such as smartwatches, health and fitness trackers and other wearable devices, as well as IoT.

Led by chairman and Globalfoundries CEO Sanjay Jha, Ineda Systems’ board represents years of experience in the semiconductor and processor industry, said a company statement here.

“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 Jha.

Ineda Systems is a startup company founded by industry veterans from the US and India with an ultimate goal of becoming a leader in developing low power SoCs for use in both consumer and enterprise applications.

The company has offices in Santa Clara, California, US and Hyderabad.

IANS