Deeptech AI startup Myelin Foundry raises $4M in funding led by SIDBI Venture Capital

Bengaluru-based deeptech artificial intelligence (AI) startup Myelin Foundry has raised $4 million (or around Rs 33.4 crore) in a new funding round led by SIDBI Venture Capital Ltd (SVCL).

The round also saw participation from existing backers, including Endiya Partners, Pratithi Investment Trust, and Subh Labh.

The startup plans to use the raised capital to strengthen its AI platforms and support its expansion into international markets.

What does Myelin Foundry do?

Founded in January 2019 by Dr. Gopichand Katragadda and Ganesh Suryanarayanan, Myelin Foundry focuses on transforming human experiences and industry outcomes by building AI algorithms on video, voice, and sensor data for consumer edge devices. 

The startup's offerings include Fovea Stream & Premium, AI-based video compression and super-resolution solutions, as well as Fovea IoT, which delivers instantaneous IoT predictive analysis for process control, security, and responsiveness.

By leveraging advanced AI technologies, It aims to revolutionize the way data is processed and utilized across a wide range of applications and industries.

Leadership comments

"We look forward to working closely with our valued partners to accelerate our journey of transforming industries with Edge AI solutions," said Gopichand Katragadda, who is also the CEO of the startup.

He said the global artificial intelligence market size was estimated at $200 billion in 2023 and is projected to grow at a CAGR of 36.6% from 2024 to 2030.

"Myelin is positioned to be a key player in this exciting space," Katragadda added.

The startup claims to have a customer base that includes leading global automotive and over-the-top (OTT) players eager to harness AI in their automotive and customer devices.

What does SVCL say about Myelin Foundry?

"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.

"Myelin's platform has demonstrated immense potential in delivering real-time AI computing on the Edge. We are proud to continue supporting their journey of scaling and bringing innovative solutions to the market," said Sateesh Andra, Managing Partner at Endiya Partners.