Deep tech AI startup Myelin Foundry has secured a $4 million investment in its latest funding round, led by SIDBI Venture Capital Limited (SVCL). Other investors participating in this round include Endiya Partners, Pratithi Investment Trust, and Subh Labh.
This recent funding round follows a Series A round last year, where Myelin Foundry raised $3 million with Visteon Corporation and others leading the investment charge.
The influx of funds will bolster Myelin’s AI platforms, expand its presence in international markets, and solidify its position as a frontrunner in the edge AI domain.
Established in January 2019 by Dr Gopichand Katragadda and Ganesh Suryanarayanan, Myelin Foundry specializes in deploying artificial intelligence in real-time at the edge, delivering exceptional video and audio experiences and outcomes.
The company’s clientele includes prominent global automotive and OTT (over-the-top) players seeking to harness the power of AI in their automotive and customer devices.
The global artificial intelligence market, estimated at $200 billion in 2023, is projected to witness a robust CAGR of 36.6% from 2024 to 2030. Myelin is positioned at the forefront of this burgeoning sector and is poised to play a pivotal role in shaping its future landscape.
