Deep tech AI startup Myelin Foundry has raised $4 million in a new round from SIDBI Venture Capital Limited (SVCL). Other investors include Endiya Partners, Pratithi Investment Trust, and Subh Labh.
Last year, the Bengaluru-based startup had raised $3 million in its Series A round led by Visteon Corporation and others.
The proceeds will be used to strengthen Myelin’s AI platforms, support its expansion into international markets, and solidify its position as a leader in the edge AI space.
Founded in January 2019 by Dr. Gopichand Katragadda and Ganesh Suryanarayanan, Myelin Foundry’s platforms deploy artificial intelligence in real-time at the edge to provide unparalleled video and audio experiences and outcomes.
Its customer base includes leading global automotive and OTT (over-the-top) players eager to use AI’s power in their automotive and customer devices.
The global artificial intelligence market size was estimated at $200 billion in 2023 and is projected to grow at a CAGR of 36.6% from 2024 to 2030. Myelin is positioned to be a key player in this space.
