Deep tech AI startup Myelin Foundry raised $4 M from SIDBI Venture Capital
SIDBI Venture Capital Limited (SVCL) has contributed $4 million to the latest fundraising round for Myelin Foundry, a deep tech AI startup. Subh Labh, Pratithi Investment Trust, and Endiya Partners are among the other investors.
The Bengaluru-based startup raised $3 million in its Series A round last year, with Visteon Corporation and other investors leading the way.
The funds raised will be put toward fortifying Myelin’s AI platforms, facilitating its global market expansion, and enhancing its standing as the industry pioneer in edge AI.
Dr. Gopichand Katragadda and Ganesh Suryanarayanan founded Myelin Foundry in January 2019, and its platforms use artificial intelligence at the edge in real-time to deliver unmatched audio and video experiences and results.
Leading international automakers and OTT (over-the-top) companies are among its clients; they are keen to harness AI’s potential in their vehicles and consumer electronics.
The market for artificial intelligence is expected to reach $200 billion globally by 2023 and grow at a compound annual growth rate (CAGR) of 36.6% between 2024 and 2030. Myelin is positioned to play a significant role in this market.
