Bangalore: The deep tech AI startup, Myelin Foundry, has raised a pre-series A round of $1M led by Japanese VC firm, Beyond Next Ventures. The company was founded in January 2019 by Dr. Gopichand Katragadda, Ganesh Suryanarayanan, and Aditi Olemann. Endiya Partners, who invested during the Seed stage has also been a part of the pre- Series A Fund Raise.
Myelin Foundry is a deep tech product startup transforming human experiences & industry outcomes, by building AI algorithms on video, voice, and sensor data, for edge devices. Myelin’s first product in the market, Fovea Stream, enables HD viewing experiences with SD transmission. Amongst other recognitions, Myelin has been awarded the ‘NASSCOM Emerge 50’ in the Enterprise category and the ‘Investor’s choice’ in the 6th cohort of the NetApp Excellerator.
The new round will be used to consolidate Myelin’s products in the Indian video streaming market, and to expand into international markets. Myelin will further build capabilities and position itself to be a leader in the edge AI space across industries.
“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,” said Gopichand Katragadda, the Founder and CEO of Myelin.
“We are very pleased to be the lead investor for Myelin Foundry’s Pre-Series A round. Myelin, led by Founder Dr. Katragadda, is a deep tech 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,” stated Tsuyoshi Ito, CEO & Managing Partner of BNV.
Kris Gopalakrishnan, the co-founder of Infosys and one of the investors at Myelin, added, “This investment by Japanese VC firm Beyond Next Ventures will allow Myelin to strengthen its portfolio of AI solutions and grow its market.”