Myelin Foundry, a deep tech startup raises $3 million in funding
Myelin Foundry, a deep tech business based in Bengaluru, has raised $3 million in an early fundraising round headed by Visteon Corporation, a Detroit-based automotive supplier. The round also included investments from returning investors Endiya Partners, Beyond Next Ventures, and Pratithi Investment Trust. The family office of Kris Gopalakrishnan, co-founder of Infosys, is called Pratithi Investment Trust.
According to Sachin Lawande, president and CEO of Visteon Corp., which supplies components for car cockpits and also has technical and production teams based in India, "as shareholders, we look forward to contributing to Myelin's commercial progress in Mobility."
Myelin creates artificial intelligence algorithms based on video, audio, and sensor data for Edge devices and was founded in 2019 by former Tata Sons group chief technology officer Gopichand Katragadda and former Tata Group workers Ganesh Suryanarayanan and Aditi Olemann.
The algorithms provide visual experiences and personalised outcomes for various industries, including media and entertainment, healthcare and manufacturing. The company had last raised $1 million in a pre-Series A funding round led by Japan-based Beyond Next Ventures. The fresh capital will consolidate Myelin’s platforms and expand into international markets, the statement said, adding that Myelin will also further build capabilities.
“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,” founder and CEO Katragadda said.
According to a statement quoting market research estimates, the global market for edge AI is anticipated to reach $8 billion by 2027, led by developments in AI-powered edge solutions for manufacturing, mobility, and entertainment. Chara Technologies and Log9, both of which are developing for use cases in the automotive industry, are other deeptech solutions businesses that have obtained outside money in January to yet.
According to Sachin Lawande, president and CEO of Visteon Corp., which supplies components for car cockpits and also has technical and production teams based in India, "as shareholders, we look forward to contributing to Myelin's commercial progress in Mobility."
Myelin creates artificial intelligence algorithms based on video, audio, and sensor data for Edge devices and was founded in 2019 by former Tata Sons group chief technology officer Gopichand Katragadda and former Tata Group workers Ganesh Suryanarayanan and Aditi Olemann.
The algorithms provide visual experiences and personalised outcomes for various industries, including media and entertainment, healthcare and manufacturing. The company had last raised $1 million in a pre-Series A funding round led by Japan-based Beyond Next Ventures. The fresh capital will consolidate Myelin’s platforms and expand into international markets, the statement said, adding that Myelin will also further build capabilities.
“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,” founder and CEO Katragadda said.
According to a statement quoting market research estimates, the global market for edge AI is anticipated to reach $8 billion by 2027, led by developments in AI-powered edge solutions for manufacturing, mobility, and entertainment. Chara Technologies and Log9, both of which are developing for use cases in the automotive industry, are other deeptech solutions businesses that have obtained outside money in January to yet.
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