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Bangalore-based deep tech startup Myelin Foundry has secured $3 million in a Series A funding round led by American automotive supplier Visteon Corporation.
The company, specialising in edge AI for the media, entertainment, and automotive industries, plans to use the additional funding to expand its presence globally. It is not the first time Myelin Foundry has secured funding. The startup previously raised $1 million in a pre-Series A round led by Beyond Next Ventures from Japan, bringing their total funding to $5.5 million. Other investors include Endiya Partners, Pratithi Investment Trust, and others.
Co-founder and chief of Myelin Foundry, Gopichand Katragadda, added that the company’s vision is to “transform human experiences and industry outcomes by building and deploying IP-led proprietary edge AI products to process video, voice and sensor data.”
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Myelin Foundry was founded in 2019 by former Tata Sons group chief technology officer Gopichand Katragadda and Tata employee Ganesh Suryanarayanan (who is the CTO of the company). The company’s primary goal is to create high-performance AI algorithms that operate efficiently in resource-constrained situations, such as low-performance edge devices.
Chief executive officer Sachin Lawande of Visteon Corporations stated that edge AI is essential to various industries as data volumes increase, and Myelin Foundry is well-positioned to provide significant value in this area.
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Deep-tech Sector in India is Growing
As the global market for edge AI is projected to reach $8 billion by 2027, driven by advancements in AI-powered edge solutions for factories, mobility, and entertainment, Myelin Foundry is well-positioned to capitalise on this growth. Additionally, the Indian government has announced plans to launch a Digital India Innovation Fund to support Indian deep-tech startups, further bolstering the sector’s potential.
According to AIM Research report, Indian AI and analytics startups received a record-breaking $1,108 million in funding in 2021, demonstrating investors’ growing trust and confidence in the sector. Additionally, a NASSCOM report found that deep-tech startups in India have raised $2.65 billion in funding this year, and over 30% have filed for patents. With more than 4,000 people employed across 14 potential deep-tech unicorns, the sector is expected to double in size by 2026.