India and California-based wearable chip startup Ineda Systems has raised $17m to further develop the company’s new class of highly integrated, ultra-low power semiconductor and software products.
The products are aimed at wearable devices and says its chips target makers of internet-connected watches, health and fitness trackers and garments.
The Series B funding round was led by Walden-Riverwood Ventures and included co-investors Samsung Catalyst Fund, Qualcomm Incorporated, through its venture capital arm, Qualcomm Ventures, IndusAge Partners and others.
Existing investors also participated in the fundraising including Imagination Technologies whose intellectual property is used in Ineda’s products.
The company is also looking to develop data centre chip designs that will use less power than conventional devices. The latest funding round brings the company’s total funds raised to more than $26m.
Ineda’s executives include former engineers from AMD, Qualcomm and other big chip makers. The company has offices in California in America and Hyderabad in India.
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