Deeptech Startup Myelin Foundry Raises $1M By Beyond Next Ventures
- ByStartupStory | May 13, 2021
Deeptech startup Myelin Foundry raised $1 million in pre-Series A round led by Japanese VC firm Beyond Next Ventures. Endiya Partners, had invested during the seed stage also participated in this round, as per its statement on Wednesday.
Deeptech startup Myelin Foundry will use the funding to consolidate its products in the Indian video-streaming market and expand into international markets.
“The deeptech startup Myelin Foundry will utilise the funding to consolidate its products in the Indian video-streaming market and to expand into international markets. Myelin will further build capabilities and position itself to be a leader in the edge-AI space across industries,” according to a statement.
Deeptech startup’s Myelin Foundry’s first product, Fovea Stream enables HD viewing experiences with SD transmission. The startup has been awarded the ‘NASSCOM Emerge 50’ in the Enterprise category and the ‘Investor’s choice’ in the sixth cohort of the NetApp Excellerator.
“We are excited to welcome Beyond Next Ventures as an investor. Myelin has developed globally leading products and capability in edge-AI. We look forward to partnering with BNV and accessing the Japanese ecosystem. I am also happy to see the confidence of our seed round investors as they continue to support our journey.”
Gopichand Katragadda, Founder and CEO, Myelin, said, speaking about the investment made to deeptech startup Myelin Foundry.
Tsuyoshi Ito, Managing Partner and CEO, Beyond Next Ventures, said,
“We are very pleased to be the lead investor for Myelin Foundry’s pre-Series A round. Myelin, led by Founder Katragadda, is a deeptech startup with a strong focus on edge-AI platform technology. As a shareholder, I look forward to contributing to Myelin’s business expansion in collaboration with Japanese companies.”
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