The startup has developed a wearable processing unit that has a month-long battery life, so the Internet of Things won’t always be attached to a wall socket
Indian startup Ineda Systems, which develops systems on chips for wearable devices, received $17 million in Series B funding.
The funding, announced April 8, was led by Walden-Riverwood Ventures. Other participants include Samsung Catalyst Fund, Qualcomm Ventures, IndusAge Partners, and existing investor Imagination Technologies. Ineda will use the funding to further develop its highly integrated ultra-low power semiconductor and software products used for wearable devices, such as smartwatches, fitness trackers, and the internet of things.
“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 CEO Dasaradha Gude said in a statement.
Wearables with 30+ battery life
Founded in 2010, Ineda is the designer and developer of the first wearable processor unit. Its patent-pending technology has a reduced power consumption and its battery life can last around 30 days. Ineda said its product addresses the greatly limited functionality and practicality of wearables because most need to be charged every 24 to 36 hours.
Ineda had received $9 million in funding last April from Lip Bu Tan, its board chairman and the CEO of Globalfoundries; and board member Sanjay Jha, chairman of Walden International and CEO of Cadence. It also raised $8.6 million in December. Ineda has offices in Santa Clara, Calif., and Hyderabad, India.