Ineda Systems Raises $17 Million in Series B Funding.
A developer of low-power system on a chips(SoCs) for use in the quickly growing wearables and Internet of Things(IoT) market industry, has announced today that it managed to raise $17M in Series B funding.
Investors and Funds.
This investment round was led by Walden Riverwood Ventures and included co-investors Samsung Catalyst Fund, IndusAge Partners, Qualcomm Incorporated, through its venture capital arm, Qualcomm Ventures and others, along with previous investors that included Imagination Technologies whose IP cores such as Processor, graphics and other core are used in Ineda’s products.
This funding will be used to further developed Ineda’s new class of highly integrated, ultra-low power semiconductor and software products that has been aimed towards the wearable device market. The SoCs will be applicable towards a number of multitude devices such as smartwatches, health and fitness trackers and any other upcoming wearable device.
Sanjay Jha, CEO of GLOBALFOUNDRIES and Chairman of the Board, has led Ineda Systems board with his years of experience within the semiconductor and processor industry. Ineda’s other 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.
Ineda Systems, is a startup company that was founded by industry veterans from both the United States and India with the tremendous goal in mind of becoming the top leaders in developing low power SoCs for use in both consumer and enterprise applications. The advisory and management team has global-wide experience in working with both blue chip companies as well as fast-paced startups. Ineda’s expertise within the are of SoC/IP development, architecture and software that is necessary in order to design silicon systems for the next generation of low power consumers and enterprise applications.