Deep tech AI startup Myelin Foundry has secured $4 million in a new funding round from SIDBI Venture Capital Limited (SVCL). The funding round also saw participation from several investors, including Endiya Partners, Pratithi Investment Trust, and Subh Labh. 

As per the startup, the funding will now be used to strengthen its platforms and support its expansion into international markets. Further, the startup will use the funds to solidify its position as a leader in the edge AI space.

Myelin Foundry | Deep Tech AI Startup

Founded by Dr. Gopichand Katragadda and Ganesh Suryanarayanan in January 2019, Myelin Foundry deploys artificial intelligence (AI) in real-time at the edge to provide unparalleled video and audio experiences and outcomes.

Its customer base includes leading global automotive and OTT (over-the-top) players who are eager to use AI’s power in their automotive and customer devices. 

Speaking about the development, Katragadda, Founder and CEO of Myelin Foundry, said,

“We look forward to working closely with our valued partners to accelerate our journey of transforming industries with Edge AI solutions. However, the global artificial intelligence market size was estimated at $200 billion in 2023 and is projected to grow at a CAGR (compound annual growth rate) of 36.6 percent from 2024 to 2030.”

Last year, the Bengaluru-based startup secured $3 million in its Series A round which was led by Visteon Corporation. 

The global AI market was estimated at $200 billion in 2023 and is projected to grow at a CAGR of 36.6% from 2024 to 2030. Myelin is positioned to be a key player in this space.

Follow us and connect with us on Instagram, Facebook, Twitter, and LinkedIn.

Note: If you are a budding entrepreneur and require assistance to register a Pvt Ltd Company, register a company, create financial projections, business development, LLP Registration, compliance filing, funding formalities, debt funding, CFO Services, or other startup related legal services, contact us.