I thought I had a thread for this.
They are developing a browser engine from scratch. Though I do not think they are aiming to compete with desktop browsers. More like planning to offer an embedded solution.
Flow Browser | The parallel, multithreaded HTML browser
Crafted for the latest multi-core silicon, Ekioh's Flow browser delivers unbeatable HTML5 performance with extremely low memory consumption.
They do release builds for Raspberry Pi.
Latest update has capability to support Google Docs.
Google Docs in a clean-room browser - Ekioh
A detailed description of how we made Google Docs run inside the new Flow Browser. The number of websites that work in Flow is increasing regularly.