Myelin Foundry and Treacle Raise Early-Stage Funding Here are the Indian startups that announced early-stage funding rounds.
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Deep-tech AI Startup Myelin Foundry Raises USD 4 Mn Led by SIDBI Venture Capital
Deep-tech AI firm Myelin Foundry has announced the raising of USD 4 million in a new round from SIDBI Venture Capital Limited (SVCL). Subh Labh, Pratithi Investment Trust, and Endiya Partners are among the other investors.
It had raised USD 3 million in its Series A round last year, with Visteon Corporation and other investors leading the way.
The Bengaluru-based startup will use the fresh capital to strengthen its AI platforms, expand its footprint in international markets, and solidify its position in the edge AI sector.
Katragadda, Founder and CEO of Myelin Foundry, said, "This investment reaffirms confidence in Myelin's growth trajectory and the potential of our Edge AI and Gen AI platforms. We look forward to working closely with our valued partners to accelerate our journey of transforming industries with edge AI solutions."
Founded in 2019 by Gopichand Katragadda and Ganesh Suryanarayanan, Myelin Foundry builds AI algorithms on voice, video, and sensor data for edge devices, enabling the deployment of AI solutions across multiple industries.
Its platforms use artificial intelligence (AI) at the edge in real-time to deliver video and audio experiences, meeting the needs of global automotive and over-the-top (OTT) platforms that want to use the technology in their automotive and customer devices.
"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.
Cybersecurity Startup Treacle Secures INR 4 Cr Led by Inflection Point Ventures
Cybersecurity startup Treacle has raised INR 4 crore in a pre-seed round led by Inflection Point Ventures.
The Kolkata-based startup aims to use the raised funds to enhance technical and business development, marketing and office expenses, partnerships, and expansion in the Indian market.
Subhasis Mukhopadhyay, Co-Founder and CEO, said, "Our mission centers on safeguarding network infrastructures through early detection, containment, and deception of threats. We're committed to delivering unparalleled value in the market, ensuring our clients have access to premium security solutions in an affordable manner. Our goal is to establish ourselves as a market leader and create sufficient value to make the cyber world a safer place within the next five to six years."
Founded in 2021 by Subhasis Mukhopadhyay, Subhajit Manna, and Partha Das, Treacle's AI-based deception technology provides advanced protection by analyzing attacker behavior, diverting them into mirage networks, and issuing early warnings to SOC analysts.
Additionally, the implementation of an AI-based early warning system enhances its capability to identify threats swiftly and proactively.
Since its inception, Treacle has secured grants such as the C3iHub grant and the SISFS grant, totaling INR 26 lakhs, in 2021 and 2022, respectively. Additionally, the startup represented India under DPIIT and participated in a sponsored delegation trip to Dubai in 2022.
Vikram Ramasubramanian, Partner, Inflection Point Ventures, said, "Treacle's core strengths lie in our AI-based deception technology, a cornerstone of our Defensive Cyber security solutions. By analysing attacker behavior and diverting it into simulated networks, Treacle provides advanced protection. Additionally, the AI-Based Early Warning System enhances the ability to identify threats swiftly and proactively, issuing early alerts to SOC analysts."
