Myelin Foundry, a Bengaluru-based deep tech artificial intelligence company, has raised $1 million in a pre-series A round led by Beyond Next Ventures, a Japanese venture capital firm on Wednesday.

Endiya Partners, an existing investor, also took part in the pre-Series A round.

The funds will be used to further consolidate the company's footprint in India and extend into international geographies.

Myelin Foundry established by Gopichand Katragadda, Ganesh Suryanarayanan, and Aditi Olemann, is a deep tech product startup that uses its proprietary product, Fovea Stream, to provide users with high-definition streaming experiences.

Founded in 2019, the startup builds Artificial Intelligence algorithms on video, speech, and sensor data for edge devices to transform human interactions and business outcomes.

“We are excited to welcome Beyond Next Ventures as an investor. Myelin has developed globally leading products and capabilities 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," says Gopichand Katragadda, founder and chief executive officer, Myelin.

Myelin's product, which uses deep learning frameworks, is currently being used in the media and entertainment, health and wellness, and national security sectors.

“We are very pleased to be the lead investor for Myelin Foundry's Pre-Series A round. Myelin, led by Founder Dr. Katragadda, is a deep tech 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," stated Tsuyoshi Ito, chief executive and managing partner of Beyond Next Ventures.

Apart from Kris Gopalakrishnan, the founder of Infosys Ltd., the company has previously received funding from Microsoft for Startups and Pratithi Investment Trust.

“This investment by Japanese VC firm Beyond Next Ventures will allow Myelin to strengthen its portfolio of AI solutions and grow its market," said Gopalakrishnan.