Myelin Foundry Secures $4 Million in Funding to Boost AI Capabilities and Global Expansion

• ByStartupStory     |    May 10, 2024

Bengaluru-based AI startup Myelin Foundry has successfully raised $4 million in a funding round led by SIDBI Venture Capital Ltd (SVCL). The round also saw participation from existing investors, underscoring strong confidence in the company’s vision and technological prowess.

Founded in January 2019 by Gopichand Katragadda and Ganesh Suryanarayanan, Myelin Foundry develops advanced AI platforms aimed at enhancing real-time video and audio experiences. The company has carved out a niche in serving industries such as automotive and over-the-top media services, utilizing AI to power customer and automotive devices.

Gopichand Katragadda, CEO of Myelin, expressed enthusiasm about the new funding, stating, “We look forward to working closely with our valued partners to accelerate our journey of transforming industries with Edge AI solutions.” He highlighted the vast potential of the AI market, which was estimated at $200 billion in 2023 and is projected to grow at a compound annual growth rate of 36.6% from 2024 to 2030.

The lead investor, SIDBI Venture Capital, voiced strong support for Myelin’s innovative approach to deploying AI solutions at the edge. Debraj Banerjee, senior fund manager at SVCL, remarked, “We are excited to lead Myelin Foundry’s current equity round and support their vision of deploying AI solutions at the edge. Myelin’s innovative approach and strong leadership position them well to place Indian startups on the global AI map.”

Existing investors also reaffirmed their commitment to Myelin’s growth trajectory. Sateesh Andra, managing partner at Endiya Partners, commented on the platform’s capabilities, saying, “Myelin’s platform has demonstrated immense potential in delivering real-time AI computing on the Edge. We are proud to continue supporting their journey of scaling and bringing innovative solutions to the market.”

Kris Gopalakrishnan, co-founder of Infosys and an investor through Pratithi Investment Trust, also praised Myelin’s forward-looking mission. “My family office, Pratithi Investment Trust, remains committed to backing Myelin Foundry’s mission of creating global first AI platforms leading with Edge AI and Gen AI,” he stated.

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