Hyderabad-based Ineda Systems that makes low-power chips for wearable devices and Internet of Things (IoT) segment has raised additional $2 million funding from Cisco Investments, bringing the total investment in its Series B round to $19 million.
The company had earlier raised $17 million funding led by Walden-Riverwood Ventures and participation from investment arms of Samsung Electronics and Qualcomm, IndusAge Partners and existing investors including Imagination Technologies.
Ineda plans to use this investment raised to further develop its Dhanush family of low power chips dubbed as Wearable Processor Units. Earlier, the company had mentioned that it will also be using the investment to build software products for wearable devices.
Ineda’s chips are based on the architecture developed by Imagination Technologies-owned MIPS, that competes with those made by ARM.
The company has developed four types of chipsets until now, which Ineda claims is designed for specific products segments and applications. This includes Advanced (for high end wearable devices), Optima (for mid-range wearable devices), Micro (for smartwatches) and Nano (for simple wearable devices). Of this, Advanced and Micro chips are currently available for early customer sampling. Ineda also offers two reference development kits and SDKs dubbed as Shastra SDK for these low power chips.
Ineda claims that its solution built on top of MIPS has very low power consumption and provides longer battery. It claims that devices using its WPU can last for up to 30 days on a single charge. If these chips can indeed get the sort of power efficiencies Ineda claims, this could significantly change the wearable devices ecosystem especially Smartwatches wherein the current lot is struggling to provide a full-day battery life.
Cisco IoT: It’s worth noting that Cisco has been focusing significantly on the Internet of Things segment for quite sometime now. The company had set up a Internet of Things (IoT) Innovation Hub in Bangalore in collaboration with Electronics City Industries Association (ELCIA) in July this year. It had also partnered L&T to set up an Internet of Everything (IoE) solutions centre in India.
Cisco Investments had also allotted $40 million to fund early stage firms in India in June this year. The company had mentioned that this is part of its $250 million global “thematic investment” fund that was announced earlier this year.