Myelin Foundry funding
Deeptech AI startup Myelin Foundry announced on Wednesday that it has raised $1 million in pre-Series A round led by Japanese VC firm Beyond Next Ventures. The round also saw participation from Endiya Partners, who had invested during the seed stage.
Established in January 2019 by Gopichand Katragadda, Ganesh Suryanarayanan, and Aditi Olemann, Myelin Foundry transforms human experiences and industry outcomes by developing Artificial Intelligence algorithms on video, voice, and sensor data for edge devices.
As per a statement, the startup will use the freshly raised funds to strengthen its products in the Indian video-streaming market and to scale into international markets. Myelin will also develop capabilities and position itself as a leader in the edge-AI area across industries.
Commenting on the development, Gopichand Katragadda, Founder and CEO, Myelin, said, “We are excited to welcome Beyond Next Ventures as an investor. Myelin has developed globally leading products and capabilities in edge-AI. We look forward to partnering with BNV and accessing the Japanese ecosystem. I am also happy to see the confidence of our seed round investors as they continue to support our journey.”
Myelin’s initial product, Fovea Stream, facilitates HD viewing experiences with SD transmission. The startup has been conferred the ‘NASSCOM Emerge 50’ in the Enterprise category and the ‘Investor’s choice’ in the sixth cohort of the NetApp Excellerator.
Tsuyoshi Ito, Managing Partner and CEO, Beyond Next Ventures, said, “We are very pleased to be the lead investor for Myelin Foundry’s pre-Series A round. Myelin, led by Founder Katragadda, is a deeptech startup with a strong focus on edge-AI platform technology. As a shareholder, I look forward to contributing to Myelin’s business expansion in collaboration with Japanese companies.”
Kris Gopalakrishnan added, “This investment by Japanese VC firm Beyond Next Ventures will allow Myelin to strengthen its portfolio of AI solutions and grow its market”. The Infosys Co-founder is also one of the investors at Myelin.
Myelin Foundry comes off as an intriguing startup in the deep tech space. The startup provides several unique services through its platform. I can see the startup growing substantially in the time to come. My best wishes to the team of Myelin Foundry.Shishir Gupta, Founder and CEO, StartupLanes
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