American low-power SoCs (system on a chip) developer Ineda Systems has secured $17 million in its second financing. Walden-Riverwood Ventures was the lead investor in the round, according to Business Standard.

Qualcomm Ventures and IndusAge Partners also participated in the Series B funding. Ineda will use the new capital to develop its new set of low-power semiconductor and software products that can be applied to wearable technology. The SoCs can be used to various gadgets such as fitness trackers, smart watches, and the Interne of Things (IoT), the report detailed.

Ineda chief executive officer (CEO) Dasaradha Gude said: "The market is primed for a new class of semiconductor architecture that is specifically designed to be ultra-low power and high performance for use in the rapidly growing wearable technology space."

The semiconductor startup was founded by Indian and American entrepreneurs. Global Foundries chief Sanjay Jha currently serves as the company's chairman. Ineda Systems' headquarters are located in Santa Clara and Hyderabad, Business Standard reported.