TLDR:
- Myelin Foundry, a deep tech AI firm, secures $4 million in equity fundraising led by SIDBI Venture Capital.
- The capital will be used to strengthen AI platforms, expand international markets, and solidify position in the edge AI sector.
Myelin Foundry, a deep tech AI firm, has secured $4 million in equity fundraising led by SIDBI Venture Capital (SVCL), along with current investors Endiya Partners, Pratithi Investment Trust, and Subh Labh. The company plans to use the fresh capital to strengthen its artificial intelligence (AI) platforms, expand its footprint in international markets, and solidify its position in the edge AI sector.
Founded in 2019 by Gopichand Katragadda and Ganesh Suryanarayanan, Myelin Foundry focuses on deploying AI solutions across various industries by building AI algorithms on voice, video, and sensor data for edge devices. Its platforms leverage AI in real-time at the edge to provide video and audio experiences for global automotive and OTT platforms.
The global artificial intelligence market size was estimated at $200 billion in 2023, projected to grow at a CAGR of 36.6% from 2024 to 2030. Myelin Foundry’s CEO, Gopichand Katragadda, expressed confidence in the company’s growth trajectory and potential, positioning them as a key player in the AI market.
Debraj Banerjee, Senior Fund Manager at SVCL, emphasized their support for Myelin Foundry’s vision of deploying AI solutions at the edge, recognizing the startup’s innovative approach and strong leadership. In 2023, Myelin Foundry had raised $3 million in a Series A round led by Visteon Corporation, a global automotive electronics firm.
