Deep tech startup Myelin Foundry secures $4M led by SIDBI Venture Capital

Myelin Foundry, a deep tech AI firm, has secured $4 million in equity fundraising led by SIDBI Venture Capital (SVCL), along with current investors Endiya Partners, Pratithi Investment Trust, and Subh Labh. 

The company will use the fresh capital to strengthen its artificial intelligence (AI) platforms, expand its footprint in international markets, and solidify its position in the edge AI sector. 

Founded in 2019 by Gopichand Katragadda and Ganesh Suryanarayanan, Myelin Foundry deploys AI solutions across various industries by building AI algorithms on voice, video, and sensor data for edge devices. 

Its platforms leverage AI in real-time at the edge to provide video and audio experiences, catering to global automotive and OTT (over-the-top) platforms to utilise the technology in their automotive and customer devices. 

"This investment reaffirms the 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," said Katragadda, Founder and CEO of Myelin Foundry.

The global artificial intelligence market size was estimated at $200 billion in 2023, projected to grow at a CAGR of 36.6% from 2024 to 2030. Katragadda added, "Myelin is positioned to be a key player in this exciting space."

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"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. 

In 2023, the startup had raised $3 million in a Series A round led by Visteon Corporation, a global automotive electronics firm. Endiya Partners, Beyond Next Ventures, and Pratithi Investment Trust also participated in the round.