Inertial sensors have been employed in different types of applications in miniature embedded devices such as phones, watches, and small unmanned aerial vehicles. The stochastic structure of the error signal coming from these sensors is complex and needs to be determined for optimal fusion with other devices (e.g. GPS). The recently-proposed approach, Generalized Method of Wavelet Moments (GMWM) using the wavelet variance (WV), overcomes these limitations. The presented software platform can be used for stochastic calibration (i.e. parameter determination) of IMUs or other types of sensors. The software is Open Source and is developed within the broadly used statistical framework R using C++ language.