Myelin Foundry, a Bengaluru-based deep tech artificial intelligence (AI) startup, has raised $3 million in a Series A funding round led by Visteon Corporation, a global automotive electronics player.
Current Myelin investors Endiya Partners, Beyond Next Ventures, and Pratithi Investment Trust also participated in the funding round.
The systems from Myelin Foundry use artificial intelligence to deliver unmatched video and audio experiences and results in real-time at the Edge.
The fresh round will expand into international markets and consolidate Myelin’s platforms. According to the startup, Myelin will expand its capabilities and establish itself as a market leader in Edge AI.
Gopichand Katragadda, Founder & CEO of Myelin, said, “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.”
The company has established its product-market fit and built key customer relationships, including leading streaming services and automotive OEMs.
Myelin Foundry is using AI to transform human experiences and industry outcomes
Myelin, founded in 2019, is now using deep learning frameworks to deploy its solution across the media and entertainment, health and wellness, and national security sectors.
Through its offering, Fovea Stream, deep tech firm Myelin Foundry enables consumers to access high-definition streaming experiences.
Myelin is a deep tech startup focused on Edge AI Platform technology, led by Founder Dr. Katragadda.
The company claims that recent industry projections predict that the global market for Edge AI will reach $8 billion by 2027, led by developments in AI-powered edge solutions for industries, mobility, and entertainment.
“Edge AI is critical to multiple industries as data volumes grow exponentially. Myelin is ideally positioned to deliver value at the Edge. As shareholders, we look forward to contributing to Myelin’s business expansion in mobility,” said Sachin Lawande, President & CEO of Visteon Corporation.
In addition to the Infosys Ltd. founder, Kris Gopalakrishnan, the company has also received funding from Microsoft for Startups and Pratithi Investment Trust in the past.
