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Myelin Foundry secures $4 million in funding to boost AI capabilities and global expansion

Funding Alert

Bengaluru-based AI startup Myelin Foundry has successfully raised $4 million in a funding round led by SIDBI Venture Capital Ltd (SVCL). The round was also attended by existing investors, underscoring strong confidence in the company’s vision and technological prowess.

Founded in January 2019 by Gopichand Katragadda and Ganesh Suryanarayanan, Myelin Foundry develops advanced artificial intelligence platforms aimed at enhancing real-time video and audio experiences. The company has carved out a niche in providing services such as the automotive industry and high-end media services, using artificial intelligence to power customers and automotive devices.

Gopichand Katragadda, CEO of Myelin, expressed his excitement about the new funding and stated, “We look forward to working closely with our esteemed partners to accelerate our journey of transforming the industry with Edge AI solutions.” He highlighted the huge potential of the AI ​​market that is emerging in estimated at $200 billion in 2023 and is projected to grow at a compound annual growth rate of 36.6% between 2024 and 2030.

Lead investor, SIDBI Venture Capital, has expressed strong support for Myelin’s innovative approach to deploying AI solutions at the edge. Debraj Banerjee, Senior Fund Manager at SVCL, commented: “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 are well positioned to put Indian startups on the global AI map.”

Existing investors also reaffirmed their commitment to Myelin’s growth trajectory. Commenting on the platform’s capabilities, Sateesh Andra, Managing Partner of Endiya Partners said, “The Myelin platform has demonstrated tremendous potential in delivering real-time computing at the Edge. We are proud to continue to support their journey to scale and bring innovative solutions to market.”

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Kris Gopalakrishnan, co-founder of Infosys and investor through Pratithi Investment Trust, also praised Myelin’s visionary mission. «My family office, Pratithi Investment Trust, remains committed to supporting Myelin Foundry’s mission to create the first global AI platforms leading with Edge AI and Gen AI,» he said.

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