AI startup Myelin Foundry raises $4 mn in round led by SIDBI Venture Cap

Artificial intelligence (AI) startup Myelin Foundry said on Wednesday it had made equity fundraising of $4 million led by SIDBI Venture Capital Ltd (SVCL) and supported by existing investors.

Myelin said it will use the money to expand in international markets and strengthen its AI platforms that provide real-time video and audio experience. The company’s customers include automotive and over-the-top players “eager to leverage AI’s power in their automotive and customer devices”.

Existing investors Pratithi Investment Trust, Endiya Partners and Subh Labh participated in the funding round. Myelin was founded in January 2019 by Gopichand Katragadda and Ganesh Suryanarayanan.

Katragadda, who is also the chief executive officer of Myelin, said: “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 $200 billion in 2023 and is projected to grow at a CAGR (compound annual growth rate) of 36.6 per cent from 2024 to 2030.”

“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,” said Debraj Banerjee, senior fund manager at SVCL.

“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,” said Sateesh Andra, managing partner at Endiya Partners.

“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,” said Kris Gopalakrishnan, co-founder of Infosys and an investor in the AI startup.

First Published: May 08 2024 | 11:10 AM IST