Ineda Systems, a developer of low-power SoCs (system on a chip) for use in the fast-growing wearables and Internet of Things (IoT) market segment, has raised $ 2 Mn in additional funding from Cisco Investments, thus closing its Series B round at $19 Mn.
Previously, it had raised $17 Mn funding from Walden-Riverwood Ventures, investment arms of Samsung Electronics and Qualcomm, IndusAge Partners and Imagination Technologies.
The funding will be used by Ineda to further develop its Dhanush family of Wearable Processor Units (WPU™).
Babu Mandava, CEO of Ineda Systems explains, “Current devices do not have the necessary capabilities to allow for ultra-low power and high performance. Ineda’s ground-up architecture is optimized for long battery life, along with the scalable performance that is required to run the various applications in the wearable and IoT space. This will enable device manufacturers to deliver products that exceed end-user expectations and accelerate market adoption.”
“The Internet of Things represents a huge opportunity to transform the way that people interact with technology,” said Kip Compton, vice president, Internet of Things Systems and Software Group, Cisco. “Ineda Systems’ innovative architecture allows for the delivery of high-performing, yet ultra low-power devices that are ideal for the wearable and broader IoT markets.”
Ineda has offices in Santa Clara, California, USA and Hyderabad, India.
According to a research, the Internet of Everything (IoE) can generate $4.6 trillion in value for public sector organizations over the next decade. Earlier this year, Cisco had announced a $100 Mn fund to invest in IoT startups. In context of India, it had set up a Internet of Things (IoT) Innovation Hub in Bangalore earlier this year.