Myelin Foundry, a deep tech AI startup, has announced a successful funding round of $4 million led by SIDBI Venture Capital Limited (SVCL). The investment also includes contributions from Endiya Partners, Pratithi Investment Trust, and Subh Labh.
This funding round follows a previous Series A round last year, where the Bengaluru-based startup raised $3 million, with Visteon Corporation and others leading the investment. The newly acquired funds will be allocated towards bolstering Myelin’s AI platforms, facilitating its expansion into international markets, and reinforcing its position as a frontrunner in the edge AI domain.
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Established in January 2019 by Dr. Gopichand Katragadda and Ganesh Suryanarayanan, Myelin Foundry specializes in deploying artificial intelligence in real-time at the edge, delivering unmatched video and audio experiences and outcomes.
With a clientele comprising prominent global automotive and OTT (over-the-top) players, eager to leverage AI capabilities in their automotive and consumer devices, Myelin Foundry is strategically positioned to capitalize on the growing demand for AI solutions in various industries.
The global artificial intelligence market witnessed an estimated size of $200 billion in 2023, with projections indicating a robust compound annual growth rate (CAGR) of 36.6% from 2024 to 2030. In this landscape, Myelin Foundry emerges as a pivotal player poised for significant growth and innovation.
