Deeptech Startup Myelin Foundry Secures Funding To Achieve Market Consolidation

Deeptech startup Myelin Foundry has raised $3 Mn in a Series A funding round led by automotive electronics major Visteon Corporation. 

Existing investors Endiya Partners, Beyond Next Ventures and Pratithi Investment Trust also have participated in the funding round.

According to the startup, it will utilise funds to strengthen its video streaming AI platform (Fovea Stream) and edge AI vision platform (Fovea Edge) and expand into international markets. The startup will also use the funds to build capabilities. 

The development comes almost two years after Myelin Foundry secured $1 Mn in Pre-Series A round led by Japan-based VC firm Beyond Next Ventures. Endiya Partners also took part in the funding round. 

Founded in 2019 by Dr. Gopichand Katragadda and Ganesh Suryanarayanan, the startup builds artificial intelligence (AI) solutions for media and entertainment, and automotive sectors.

The startup said that it uses AI in real-time to provide better video and audio experiences, as well as industry outcomes. 

“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” said Sateesh Andra, managing partner of Endiya Partners.

Both founders–Dr. Gopichand Katragadda and Ganesh Suryanarayanan hold expertise in developing AI solutions for various industries. In the past, they led tech teams of companies such as GE, Tata Sons and Cadence.

According to the startup, the globe Edge AI market is expected to grow to $8 Bn by 2027, driven by factors such as advancements in AI-powered solutions for factories, mobility and entertainment.

“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,” said Gopichand Katragadda, founder and CEO of Myelin.

In 2019, it bagged $1 Mn seed funding from Endiya Partners for product development.

As per a Future Market Insights report, the country’s deeptech market is projected to become a $3,733 Mn by 2032. The industry is likely to grow at a CAGR of 21.8% during the forecasted period (2022-32).
_______________________________________________________________________________________________

Update| 23rd January,7.10 PM

The story has been updated to add funding details

Note: We at Inc42 take our ethics very seriously. More information about it can be found here.