Bengaluru, May 8, 2024 — Myelin Foundry, a deep tech AI startup, announced the successful closure of $4M in equity fundraising. SIDBI Venture Capital Ltd. (SVCL) led the round, with the continued participation of current investors Endiya Partners, Pratithi Investment Trust, and Subh Labh.
The new funding will further strengthen Myelin’s AI platforms, support its expansion into international markets, and solidify its position as a leader in the edge AI space.
Myelin Foundry’s platforms deploy artificial intelligence in real-time at the edge to provide unparalleled video and audio experiences and outcomes. Myelin Foundry’s customer base includes leading global automotive and OTT (over-the-top) players eager to leverage AI’s power in their automotive and customer devices. These partnerships highlight the industry’s recognition of Myelin’s cutting-edge AI solutions and their commitment to enhancing user experiences and industry outcomes.
Myelin Foundry was founded in January 2019 by Dr. Gopichand Katragadda and Ganesh Suryanarayanan, leveraging their rich experience deploying AI solutions across various industries.
Gopichand Katragadda, Founder & CEO of Myelin Foundry, said, “We are thrilled to announce our latest funding round led by SVCL. This investment reaffirms the confidence in Myelin’s growth trajectory and the potential of our Edge AI and Gen AI platforms. We look forward to working closely with our valued partners to accelerate our journey of transforming industries with Edge AI solutions. The global artificial intelligence market size was estimated at USD 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 exciting space.”
Debraj Banerjee, Senior Fund Manager at SVCL, commented, “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.”
Sateesh Andra, Managing Partner of Endiya Partners: “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: “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.”
Naveen Bothra and Akhil Somani, representatives of Eureka, say, “We are excited to continue supporting Myelin Foundry in its journey to revolutionise industries with its cutting-edge AI solutions.”
Myelin Foundry’s accolades include the NetApp “Investors Choice Award,” NASSCOM “Emerge 50 Award,” and recognition by Analytics India Magazine as one of the “20 Hottest AI Startups in India 2022.” Also, Asia Business Outlook listed Myelin as one of “Top 10 Most Promising AI Companies from India – 2023.”
Read about this on the Hindu Businessline, the Economic Times, Entrepreneur, Startup Story, Inc42, cnbctv18, Entrackr, and Business Standard, among others.
