With New Investors Walden-Riverwood, Samsung Catalyst Fund, Qualcomm and IndusAge Partners, Ineda Systems Plans to Accelerate Development of its Wearable Processor Unit (WPU™)
Santa Clara, Calif., (April 8, 2014) -- 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 that it has raised $17M 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 a multitude of devices such as smartwatches, health and fitness trackers and other wearable devices, as well as IoT.
Led by Chairman of the Board and GLOBALFOUNDRIES CEO Sanjay Jha, Ineda Systems’ board represents years of experience in the semiconductor and processor industry. Ineda’s other external board members include Lip-Bu Tan, chairman of Walden International and CEO of Cadence, and Krishna Yarlagadda, president of Imagination, Inc.
“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.
About Ineda Systems
Ineda Systems, Inc. (pronounced “E-ne-da”) is a startup company founded by industry veterans from the United States and India with an ultimate goal of becoming a leader in developing low power SoCs for use in both consumer and enterprise applications. The advisory and management team has world-class experience working in both blue chip companies as well as fast-paced technology startups. Ineda’s expertise is in the area of SoC/IP development, architecture and software that is necessary to design silicon and systems for next generation of low power consumer and enterprise applications.
The company has offices in Santa Clara, California, USA and Hyderabad, India.