Myelin Foundry Raises $4M, Led by SIDBI Venture Capital

Myelin Foundry, A Deep Tech AI Startup, has successfully raised $4 million in equity funding, with primary investment from SIDBI Venture Capital, as well as continued support from existing investors Endiya Partners, Pratithi Investment Trust, and Subh Labh.

The funds will be utilized to enhance Myelin Foundry’s AI systems, expand its presence in international markets, and solidify its position as a leader in the edge AI industry.

The company, co-founded in 2019 by Gopichand Katragadda and Ganesh Suryanarayanan, uses AI algorithms to power voice, video, and sensor data for edge devices in a variety of industries.

Its platforms utilize AI in real-time to provide exceptional video and audio experiences, catering to the automotive and OTT (over-the-top) industries on a global scale, enabling them to incorporate this cutting-edge technology in their automotive and customer devices.

According to Myelin Foundry’s Founder and CEO, Katragadda, this investment is a testament to the belief in the company’s growth path and the promising capabilities of its Edge AI and Gen AI platforms.

Myelin is excited to collaborate closely with its esteemed partners in order to expedite its mission of revolutionizing industries with cutting-edge AI solutions.

In 2023, the estimated value of the artificial intelligence market worldwide was $200 billion, with a projected growth rate of 36.6% from 2024 to 2030. “Myelin is positioned to be a key player in this exciting space,” Katragadda added.

Debraj Banerjee, the Senior Fund Manager at SVCL, expressed enthusiasm in leading Myelin Foundry’s current equity round and supporting their goal of implementing AI solutions at the edge.

He believes that Myelin’s unique approach and capable leadership will help establish Indian startups on the global AI stage.

In 2023, Myelin had secured a Series A funding of $3 million, with Visteon Corporation, a multinational automotive electronics company, as the lead investor. Other participants in the round included Endiya Partners, Beyond Next Ventures, and Pratithi Investment Trust.

Disclaimer: This information is covered based on the latest research and development available. However, it may not fully reflect all current aspects of the subject matter.

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