Semiconductor and data technology provider Intel has purchased India-based microprocessor manufacturer Ineda Systems for an undisclosed sum, enabling corporates Samsung, Qualcomm and Cisco to exit, Times of India has reported.
Founded in 2010, Ineda Systems produces low-power SoCs (systems-on-a-chip) for use in consumer and enterprise-facing products. The chips were initially designed for the wearable device market but have since been applied to autonomous driving, artificial intelligence and internet-of-things technology.
Approximately 100 engineers will come over to Intel from Ineda once the all-cash deal has closed, providing expertise in graphics and working from Ineda’s existing office in the city of Hyderabad.
Networking equipment manufacturer Cisco invested $2m in the company in 2014 to close its series B round at $19m.
Consumer electronics producer Samsung and chipmaker Qualcomm also took part in the series B round, through their Catalyst Fund and Qualcomm Ventures units, as did Walden-Riverwood Ventures, which led the first tranche, IndusAge Partners and Imagination Technologies.
Ineda had already secured $9m in series B funding in 2013, and went on to add a further $15.2m in 2015, according to separate regulatory filings.