AI enabled startup Myelin Foundry will utilize these funds to refine its products in the Indian video-streaming market and expand into international markets. Myelin will further build capabilities and position itself to be a leader in the edge-AI space across industries.
On Wednesday, a deeptech AI enabled startup raised $1 Million in pre-Series A round led by Japanese VC firm Beyond Next Ventures. Existing investor Endiya Partners who had invested in seed round also participated in this round.
Myelin Foundry was founded in January 2019 by Gopichand Katragadda, Ganesh Suryanarayanan, and Aditi Olemann, which aims to transform human experiences and industry outcomes by building Artificial Intelligence algorithms on video, voice, and sensor data for edge devices.
“We are excited to welcome Beyond Next Ventures as an investor. Myelin has developed globally leading products and capability in edge-AI. With BNV we have access to the Japanese Ecosystem and growth opportunities. I am also happy to see the confidence of our seed round investors as they continue to support our journey” said Gopichand Katragadda, Founder and CEO, Myelin.
Myelin’s first product — Fovea Stream — enables HD viewing experiences with SD transmission. The startup has been awarded the ‘NASSCOM Emerge 50’ in the Enterprise category and the ‘Investor’s choice’ in the sixth cohort of the NetApp Excellerator.
Tsuyoshi Ito, Managing Partner and CEO, Beyond Next Ventures, said,
“We are very pleased to be the lead investor for Myelin Foundry’s pre-Series A round. Myelin, led by Founder Katragadda, is a deeptech 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.”
“This investment by Japanese VC firm Beyond Next Ventures will allow Myelin to strengthen its portfolio of AI solutions and grow its market,” added Kris Gopalakrishnan. The Infosys Co-founder is also one of the investors at Myelin.