Myelin Foundry, a Bengaluru-based deep tech startup, on Thursday said that it has raised an undisclosed amount in a fresh round of funding from Kris Gopalakrishnan’s family office, Pratithi. Gopalakrishnan is curently chairman of Axilor Ventures, a company supporting and funding startups and is one of the co-founders of Infosys.
The funds from this round will be used for penetration in OTT market in India and internationally. The company is seeing significant traction with large customers and is looking to raise its Series A funding over the next 2 quarters.
“Myelin is at the leading edge of AI/ML based solutions. They are creating solutions that will change industries and Pratithi is happy to support the executive leadership of Myelin on this journey," said Kris Gopalakrishnan.
Founded in January 2019 by former group CTO of Tata Sons, Gopichand Katragadda Ganesh Suryanarayanan and Aditi Olemann, the startup raised $1 Million in a seed round in September 2019 led by Endiya Partners.
Myelin builds edge AI products that transform visual experiences and personalized outcomes on consumer edge devices using proprietary AI algorithms for video, voice, and sensor data. Myelin’s first product in the market, Fovea Stream, is in the Media and Entertainment space and deploys on edge devices such as mobile phones, to provide the highest quality visual experience at the disruptively low bandwidth consumption for OTT providers and viewers.
“We are thrilled to have Kris join us in the exciting journey of developing global first products from India. Kris has been an innovation evangelist and a startup supporter personally as well as through CII. We look forward to Kris’s guidance as we deploy solutions at the intersection of AI and complex unstructured data for edge devices," said Dr. Gopichand Katragadda.