Bangalore, India-based deeptech startup Myelin Foundry raised USD 3 million in Series A financing. The round took place on January 23, 2023. Automotive electronics major Visteon Corporation led the financing for the company. Meanwhile, Existing investors Endiya Partners, Beyond Next Ventures and Pratithi Investment joined in the investment.
Purpose of financing for Myelin foundry
With the latest proceeds from the Series A round, the company seeks to strengthen its video streaming AI platform (Fovea Stream) and edge AI vision platform (Fovea Edge). Besides, the company has plans to foray and expand into international markets.
Meanwhile, the startup also aims to build further and enhance its capabilities.
Earlier, the company raised USD 1 million in its pre-Series A financing. Japan-based VC firm Beyond Next Ventures led the financing back then. Meanwhile, Endiya Partners also took part in the funding round.
What the company’s official has to say
Founder and CEO Gopichand Katragadda 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 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.”
What the investors have to add
Sachin Lawande, president and CEO of Visteon Corporation, further added, “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.”
In addition, Sateesh Andra, managing partner of Endiya Partners, said, “We remain highly optimistic about the potential of Myelin as a leading solution for deploying real-time AI computers 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.”
About the company
Former Tata Sons group chief technology officer Gopichand Katragadda and former Tata Group employees Ganesh Suryanarayanan and Aditi Olemann launched the company in 2019. Myelin foundry builds artificial intelligence algorithms based on video, voice and sensor data for Edge devices. The algorithms offer visual experiences as well as personalised outcomes for various industries, such as media and entertainment, healthcare and manufacturing.
For more extensive analysis and Market Intelligence reports, feel free to approach us.
We try our best to fact-check and bring well-researched as well as non-plagiarized content to you. Please let us know
if there are any discrepancies in any of our published stories,
-how we can improve,
-what stories you would like us to cover
–what information you are looking for, in the comments section below or through our contact form! We look forward to your feedback, and thank you for stopping by!
Next Article
