Start-up Ineda Systems, founded by veterans in the USA and India, with offices in Santa Clara and Hyderabad, on Tuesday announced that it had secured $17 million of funding from its key partners Walden-Riverwood, Samsung Catalyst Fund, Qualcomm and IndusAge Partners.
The company has applied for trademark of WPU (Wearable Processing Units), with the ultimate goal of becoming a leader in developing low-power SoCs (System on a Chip) for use in consumer and enterprise applications.
A release said the funding would be used to further Ineda’s new class of highly-integrated, ultra-low power semiconductor and software products aimed at the wearable device segment. The SoCs would be applicable to a multitude of devices like smartwatches, health and fitness trackers and other such gadgets and IoT (Internet of Things).
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“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.