Ineda secures $17 million in funding for wearable tech development

M2M chipmaker Ineda Systems has secured $17 million in funding from a number of investors, including Walden-Riverwood, Samsung Catalyst Fund, Qualcomm and IndusAge Partners.

The company says it will use the money to accelerate the development of its wearable processor unit, which is aimed at devices such as smartwatches and health and fitness trackers.

In a statement, Ineda (Banjara Hills, India) indicated that investment was led by Walden-Riverwood Ventures (Menlo Park, CA, USA) but included support from new investors Samsung Catalyst Fund (Seoul, South Korea) , Qualcomm (San Diego, CA, USA) – through its Qualcomm Ventures venture capital arm – and IndusAge Partners (Palo Alto, CA, USA).

Existing investors including Imagination Technologies (Kings Langley, UK) – whose IP cores are used in Ineda’s products – also participated in the funding round.

Ineda says it is developing a new class of highly integrated, ultra-low power semiconductor aimed at the wearable segment.

“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 Dasaradha Gude, the chief executive of Ineda Systems.

Sanjay Jha, Ineda’s chairman, expressed confidence in the company’s ability to meet “long battery life and high performance requirements in the wearables market”, thanks to its industry-leading technology and “world-class management team”.