US-based microprocessor designer Ineda Systems has raised $17m in a series B round featuring corporate venturing subsidiaries of Samsung and Qualcomm.
The round was led by Walden-Riverwood Ventures and included Samsung Catalyst Fund, the $100m fund launched by the electronics manufacturer in February, and wireless technology manufacturer Qualcomm’s venture unit, Qualcomm Ventures, as well as IndusAge Partners and Imagination Technologies. Last year Ineda secured $9m in series A funding and has to date raised $26m.
The investment will be used primarily to help Ineda focus on the wearable market and build a microprocessor that consumes significantly less power than products currently on offer from ARM or Intel. Aside from the wearable market, the low-power SoCs (system-on-a-chip) will also have uses related to the internet of things.
“With its industry-first WPU technology and world-class management team, we are confident that Ineda Systems will be able to meet the long battery life and high performance requirements in the wearables market,” said Sanjay Jha, Ineda Systems chairman.