Yes and no, yes and no, yes and no, ( comma practice )

On topic,
custom VLSI chipThis is the easy part , the easiest than all.
You throw in the pot one Dave Jones, you add also one portion of Eagle software,
plus some computing power, few grams of silicon ponder, add also few robots to solder it
on the PCB, bake all the ingredients at 250C for two weeks, and there it is.
About the software You have to know exactly what the target user needs, and to make the software to fit at the shoes of this user.
The user could be a damn electrician , who needs something easy to use and practical.
And even if you are an SUPER monster as programmer, if you can not think as electrician or have some experience in the field,
there is no chance to make anything acceptable or useful.
About the industry and marketingYes this open source thinky sounds good, but the companies needs to offer products,
that does not have similarities with the other ones, of their opponents.
And so just forget the idea about common software platform about data logging.
Software with basic functionality on a handheld device ? What ? what is this ?
I will give an estimation here as opinion.
The data logging report, it could be used even as evidence in a court house,
that demonstrates, that for instance I got an Air condition that claims to use 2000W of power,
and the damn machine was using 3500W, and my electrical bill got wild just from that.
The lawyer, defender of the brand who made the Air condition,
he will turn against me (the electrician) by accusing the equipment that I had use to take the measurement,
as not authorized ones. ( electrical measurement tools and logging software ).
What would possibly be my answer to that ?
An economic DMM and some sort of freeby software that I got as gift ?
Conclusion.
Hardware and software about data logging are one solution, and as one solution,
it must coming from an reliable source, so to be called as reliable too.
If some one needs data logging for playing in the four walls of his home,
he can use everything he likes.
But the professionals ( technicians - scientists - factories - developers ), they can not.