Myelin Foundry, a Bengaluru-based deep tech product startup, has closed $1 million seed funding round led by Endiya Partners with an investment of $500,000.
The startup said it will use the capital to accelerate product development and market penetration.
Founded in early 2019 by former Group Chief Technology Officer, Tata Sons, Gopichand Katragadda along with two Co-founders Ganesh Suryanarayanan and Aditi Olemann, Myelin Foundry transforms human experiences and industry outcomes by building Artificial Intelligence algorithms on video, voice, and sensor data for edge devices.
It develops AI-based products with applications in areas such as media and entertainment, health & wellness, and national security.
The startup has a team strength of 18 employees at present.
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The company looks to capture the market share in areas like video streaming for OTT players and later in cloud gaming.
As per a Boston Consulting Group (BCG) report, the Indian OTT market, which is currently valued at $500 million, is expected to reach an astounding $5 billion by 2023.
The firm is also looking to scale up in the content generation space, and plans to on-board large graphics studios in India and globally.
Endiya Partners is a seed and early-stage venture capital fund that invests in IP led Indian product startups that are globally relevant. Its portfolio consists of companies across technology, healthcare, and tech-enabled consumer sectors and includes AlphaICs, Darwinbox, Hansel.io, Kissht, and SigTuple under its umbrella.
Founded in 2016, the fund has Rs 500 crore under management.
This May, Endiya Partners also completed its first close of its second fund Endiya Partners Fund 2 at $40 million. The new fund, which claims to be the largest B2B focused seed fund, expects to have a total corpus of $70 million and aims to hit its final close by the end of 2019. Its first fund closed at about $25 million ($175 crore) in early 2017.
(Edited by Megha Reddy)