SIDBI Venture Capital Limited (SVCL) has contributed $4 million to the latest fundraising round for Myelin Foundry, a deep tech AI business. Subh Labh, Pratithi Investment Trust, and Endiya Partners are among the other investors. The Bengaluru-based business raised $3 million in its Series A round last year, with Visteon Corporation and other investors leading the way.
The money raised will be put toward fortifying Myelin’s AI platforms, facilitating its global market expansion, and enhancing its standing as the industry pioneer in edge AI. Dr. Gopichand Katragadda and Ganesh Suryanarayanan founded Myelin Foundry in January 2019, and its platforms use artificial intelligence at the edge in real-time to deliver unmatched audio and video experiences and results.
Leading international automakers and OTT (over-the-top) companies are among its clients; they are keen to harness AI’s potential in their vehicles and consumer electronics. The market for artificial intelligence is expected to reach $200 billion globally by 2023 and increase at a compound annual growth rate (CAGR) of 36.6% between 2024 and 2030. Myelin is positioned to play a significant role in this market.
Myelin Foundry is a deep tech start-up that creates artificial intelligence algorithms on complicated unstructured data in real-time at the edge, changing both industry outcomes and human experiences.
Its goal is to create high-computing artificial intelligence algorithms that can operate in situations with limited resources (cheap, low-computing edge devices) and that can also be switched, scaled, and configured on the fly. With its ability to do tasks at the very edge of a network, Edge AI is a decentralized computational process technology that significantly shortens response times. Lower latencies allow customer systems to make decisions in real time, making them more “real.” This improves speed tremendously while using less resources. Additionally very secure, Edge AI maintains the customer data on their local network.
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