Myelin Foundry, a deep-tech AI startup, has raised $4 million in an equity fundraising round led by SIDBI Venture Capital Ltd(SVCL).
The round also saw continued participation of current investors Endiya Partners, Pratithi Investment Trust, and Subh Labh. With this new funding, Myelin Foundry aims to strengthen its AI platforms, support its expansion into international markets, and solidify its position in the edge AI space. Edge AI is a decentralized computational process technology that can execute operations at the very edge of a network, drastically reducing turnaround times.
Based in Bangalore, the company was founded in January 2019 by Gopichand Katragadda and Ganesh Suryanarayanan.
Katragadda, Founder & CEO of Myelin Foundry, said, “This investment reaffirms the confidence in Myelin’s growth trajectory and the potential of our Edge AI and Gen AI platforms. We look forward to working closely with our valued partners to accelerate our journey of transforming industries with Edge AI solutions.”
Myelin Foundry’s platforms deploy artificial intelligence in real-time, at the edge, to provide video and audio experiences and outcomes. The company’s customer base includes global automotive and OTT (over-the-top) players who, according to the company, are eager to leverage AI’s power in their automotive and customer devices.
Debraj Banerjee, Senior Fund Manager at SVCL, commented, “We are excited to lead Myelin Foundry’s current equity round and support their vision of deploying AI solutions at the edge. Myelin’s innovative approach and strong leadership position them well to place Indian startups on the global AI map.”
(With inputs from BL intern Nivasini Azagappan)