Bengaluru, Karnataka. January 23, 2023
Deep tech AI startup, Myelin Foundry has raised its Series A of $3M led by Visteon Corporation, a global automotive electronics major. Other participating investors include current Myelin investors Endiya Partners, Beyond Next Ventures, and Pratithi Investment Trust. Myelin Foundry’s platforms deploy artificial intelligence in real-time, at the edge to provide unparalleled video and audio experiences and outcomes. The new round will consolidate Myelin’s platforms and expand into international markets. Myelin will further build capabilities and position itself as a leader in the edge AI space.
Myelin has developed global-first products for Media & Entertainment and Intelligent Mobility. The company has also established its product-market fit and built key customer relationships which include leading streaming services and automotive OEMs.
Myelin Foundry was founded in January 2019 by Dr. Gopichand Katragadda and Ganesh Suryanarayanan who come with rich experience in deploying Artificial Intelligence solutions in a wide range of industries having led technology teams at GE, Tata Sons, and Cadence.
Gopichand Katragadda, Founder & CEO of Myelin, said, “Myelin was founded with a vision to transform human experiences & industry outcomes by building and deploying IP-led proprietary Edge AI products to process video, voice, and sensor data. We look forward to partnering with Visteon and scaling in the Mobility ecosystem. I am also happy to see the confidence of our seed round investors, as they continue to support our journey.”
“We are very pleased to be the lead investor for Myelin Foundry’s Series A round. Edge AI is critical to multiple industries as data volumes grow exponentially. Myelin is ideally positioned to deliver value at the Edge. As shareholders, we look forward to contributing to Myelin’s business expansion in Mobility,” added Sachin Lawande, President & CEO of Visteon Corporation.
“We remain highly optimistic about the potential of Myelin as a leading solution for deploying real-time AI compute on the Edge. With the emergence of 5G, Industrial IoT, and Intelligent Mobility, the need to improve efficiency, performance, and user experience while reducing costs is becoming increasingly important across industries. Myelin’s platform delivers on this need, and its technology has been proven through use cases by major players in the industry. We are now ready to scale and bring this powerful solution to a wider market.” said Sateesh Andra, Managing Partner of Endiya Partners.
According to recent market 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 has been the recipient of several awards including the NetApp “Investors Choice Award”, NASSCOM “Emerge 50 Award”, and were also recognised by Analytics India Magazine as, “20 Hottest AI Startups in India 2022”.
You can read more about this on the Economic Times, Financial Express, VCCircle, Inc42 and Entrackr.