Myelin Foundry Raises $3 Million In Series A Funding Round The new round will consolidate Myelin's platforms and expand into international markets
By Teena Jose
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Deep tech AI startup, Myelin Foundry, has raised $3 million in Series A funding led by Visteon Corporation, a global automotive electronics major. The funding round also witnessed participation from investors includes current Myelin investors Endiya Partners, Beyond Next Ventures and Pratithi Investment Trust. Myelin Foundry's platforms deploy artificial intelligence in real-time, at the edge to provide unparalleled video and audio experiences and outcomes. The new round will consolidate Myelin's platforms and expand into international markets. Myelin will further build capabilities and position itself as a leader in the edge AI space.
"Myelin was founded with a vision to transform human experiences & 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. I am also happy to see the confidence of our seed round investors, as they continue to support our journey," said Gopichand Katragadda, founder and CEO of Myelin.
Founded in January 2019 by Dr. Gopichand Katragadda and Ganesh Suryanarayanan, Myelin Foundry has developed global-first products for media and entertainment and intelligent mobility. The company has also established its product-market fit and built key customer relationships which include leading streaming services and automotive OEMs.
"We are very pleased to be the lead investor for Myelin Foundry's Series A round. 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 and CEO of Visteon Corporation.
According to recent market reports, the global market for Edge AI is estimated to be $8 billion by 2027, driven by factors such as advancements in AI-powered Edge solutions for factories, mobility, and entertainment.
