Deeptech Startup Myelin Foundry Raises $3 Mn In Series A Round
Myelin Foundry Pvt. Ltd, which operates an eponymous deep technology startup focussed on streamlining content creation, has raised $3 million (around Rs 24.3 crore) in a Series A funding round led by US-based automotive supplier Visteon Corporation.
Endiya Partners, Beyond Next Ventures and Pratithi Investment Trust also participated in the round.
As per the firm, the raised funds will be used to expand its global footprint.
Myelin Foundry | Everything AI, Anything Creative
Founded by Gopichand Katragadda and Ganesh Suryanarayanan in 2019, Myelin Foundry is a deep-tech product startup transforming human experiences and industry outcomes by building Artificial Intelligence algorithms on video, voice, and sensor data, for consumer edge devices.
The Bengaluru-based startup claims that its services help in reducing content creation costs, including the time taken for content to reach the market.
Speaking about the development, Gopichand Katragadda, co-founder and chief executive at Myelin, said,
“Myelin was founded with a vision to transform human experiences and industry outcomes by building and deploying IP-led proprietary edge AI products to process video, voice and sensor data. We hope to scale in the mobility ecosystem.”
As per the startup, citing market research reports, the global market for Edge AI is estimated to be $8 billion by 2027, driven by factors such as advancements in AI-powered Edge solutions for factories, mobility, and entertainment.
Myelin Foundry had last raised $1 million in a pre-Series A funding round led by Japan-based Beyond Next Ventures. So far, the Bengaluru-based startup has raised $5.5 million in total funding.
Commenting on the development, Sachin Lawande, President and CEO at Visteon Corporation, said,
“Edge AI is important to multiple industries as data volumes grow. Myelin is positioned to deliver value at the Edge.”
Last year, several deeptech startups raised funds, including Chara Technologies raising $4.75 million (around Rs 39 crore) in funding, Awiros raising $7 million in a Series A round and Vecmocon raising $5.2M in funding to invest in team building, business expansion and more.
Additionally, the Indian government is launching a Digital India Innovation Fund to support Indian Deeptech Startups.
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