Myelin Foundry Looks To Capitalise On Edge AI Boom With SIDBI Backing

Bengaluru-based deeptech startup Myelin Foundry has raised $4 Mn in an equity round led by SIDBI Venture Capital. Existing investors like Endiya Partners, Pratithi Investment Trust, and Subh Labh. 

The company says the fresh funding will be deployed towards further expansion into international markets. It will also be used to strengthen its edge AI platform, which is fast gaining traction for on-device or on-premise AI solutions. 

Myelin Foundry’s Edge AI can be deployed for a variety of use-cases where companies or enterprises do not want to rely on the cloud for the AI computing needs. Usually, Edge AI is deployed in devices where internet connectivity may not always be available. 

The startup’s solutions offer real-time analytics and insights based on a variety of data including, audio, video and sensor data.

Myelin offers three core products —  Fovea Stream, its video streaming AI platform, Fovea Edge, the edge AI vision platform, and Fovea Auto, its connected mobility and smart vehicle solutions. It recently signed a partnership with Mahindra & Mahindra to bring AI to in-vehicle experiences in the automobile maker’s new lineup of cars.

Founded in January 2019 by Dr. Gopichand Katragadda and Ganesh Suryanarayanan, Myelin Foundry caters to global automotive and OTT (over-the-top) players. Prior to this round, the company has raised just under $5 Mn in funding over five rounds. Its last fundraise was in a $3 Mn Series A round, which came in January 2023. 

Cofounder Katragadda said, ” We look forward to working closely with our valued partners to accelerate our journey of transforming industries with Edge AI solutions.”

Besides Myelin Foundry, Indian edge computing startups such as SandLogic, EDGENeural, Infinite Uptime, Akridata have been gearing up for the widely-expected surge in Edge AI applications. 

Among the primary applications of Edge AI today are in devices such as smartphones, smartwatches, wearable health-monitoring devices, autonomous or connected vehicles, smart home devices and appliances.

Earlier this week, Tata Communications launched its fully automated Edge computing platform called CloudLyte, which is claimed to offer a ‘solution in a box’ to enterprises working with Edge computing applications.

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