Deeptech startup Myelin Foundry raises $3 Million in series A funding led by Visteon Corporation
- ByStartupStory | January 23, 2023
Myelin Foundry, a deeptech startup, has raised $3 million in a Series A funding round led by automotive electronics giant Visteon Corporation.
Existing investors Endiya Partners, Beyond Next Ventures, and Pratithi Investment Trust have also contributed to the round of funding.
According to the company, the funds will be used to consolidate its platforms and expand into international markets. The funds will also be used to develop the startup’s capabilities.
Almost two years ago, Myelin Foundry raised $1 million in a Pre-Series A round led by Japan-based VC firm Beyond Next Ventures. Endiya Partners also contributed to the funding round.
Dr. Gopichand Katragadda and Ganesh Suryanarayanan, both founders, have experience developing AI solutions for a variety of industries. They have previously led tech teams at GE, Tata Sons, and Cadence.
“Myelin was founded with a vision to transform human experiences and industry outcomes by building and deploying IP-led proprietary Edge AI products to process video, voice, and sensor data. We look forward to partnering with Visteon and scaling in the Mobility ecosystem,” said Gopichand Katragadda, founder and CEO of Myelin.
According to the startup, the global Edge AI market will reach $8 billion by 2027, owing to advancements in AI-powered solutions for factories, mobility, and entertainment.
Endiya Partners provided $1 million in seed funding for product development in 2019.
In India, Myelin faces competition from deeptech startups such as Muvi.
According to a Future Market Insights report, the country’s deeptech market is expected to be worth $3,733 million by 2032. During the forecasted period (2022-32), the industry is expected to grow at a CAGR of 21.8%.
Dr. Gopichand Katragadda and Ganesh Suryanarayanan founded the startup in 2019 to develop artificial intelligence (AI) solutions for the media and entertainment, and automotive sectors.
“We remain highly optimistic about the potential of Myelin as a leading solution for deploying real-time AI computers on the Edge. With the emergence of 5G, Industrial IoT and intelligent mobility, the need to improve efficiency, performance, and user experience while reducing costs is becoming increasingly important across industries” said Sateesh Andra, managing partner of Endiya Partners.
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