Myelin Foundry got $4 million in funding from current investors. The cash will be used to drive platform development, global expansion, and the company’s edge AI leadership.
Myelin Foundry, an artificial intelligence-based deeptech business, said that it has raised $4 million in equity funding backed by Sidbi Venture Capital, the venture capital arm of India’s Small Industries Development Bank (SIDBI).
Endiya Partners, Pratithi Investment Trust, and Subh Labh, existing investors, joined in the investment round, according to a statement from Myelin Foundry.
According to the release, the money would help Myelin develop its AI platforms, expand into international markets, and solidify its position in the edge AI domain.
Dr. Gopichand Katragadda and Ganesh Suryanarayanan founded Myelin Foundry in January 2019, and its platforms use artificial intelligence in real-time at the edge to give exceptional video and audio experiences and outcomes.
Its clientele comprises major worldwide automotive and OTT (over-the-top) companies keen to leverage AI’s potential in their vehicles and customer gadgets.
“This investment reaffirms confidence in Myelin’s growth trajectory and the potential of our Edge AI and GenAI platforms,” said Gopichand Katragadda, the company’s founder and CEO. “The global artificial intelligence market size was estimated at $200 billion in 2023 and is projected to grow at a CAGR of 36.6% from 2024 to 2030.”
“My family office, Pratithi Investment Trust, remains committed to supporting Myelin Foundry’s mission of creating global first AI platforms led by Edge AI and Gen AI,” stated Kris Gopalakrishnan, Infosys co-founder and investor in the AI startup.
Katragadda formerly served as Tata Sons’ group chief technology officer, and Suryanarayanan worked for the firm. The company is backed by Pratithi Investment Trust, the family office of Infosys cofounder Kris Gopalakrishnan.
The Bengaluru-based business most recently raised $3 million in an early-stage fundraising round sponsored by Detroit-based automotive supplier Visteon Corporation in January 2023.
“We are excited to lead Myelin Foundry’s current equity round and support their vision of deploying AI solutions at the edge,” says Debraj Banerjee, senior fund manager at Sidbi Venture Capital. “Myelin’s innovative approach and strong leadership position them well to place Indian startups on the global AI map,” according to him.
“Myelin’s platform has shown tremendous promise in providing real-time AI computing on the Edge. Sateesh Andra, managing partner at Endiya Partners, stated, “We are proud to continue supporting their journey of scaling and bringing innovative solutions to market.”
