Myelin Foundry raises $1 million in Pre-Series A funding
1 min read 12 May 2021, 08:33 PM ISTThe company will be using the funds to further consolidate its presence in the India market, and expand into international geographies
PremiumBengaluru-based deep tech artificial startup, Myelin Foundry, on Wednesday said that it has raised $1 million as a part of its pre-series A round led by Japanese venture capital firm, Beyond Next Ventures.
Existing investor, Endiya Partners, also participated as a part of the pre-Series A round.
The company will be using the funds to further consolidate its presence in the India market, and expand into international geographies.
Myelin Foundry is a deep tech product startup, which allows users to access high-definition streaming experiences, through its proprietary product, Fovea Stream.
“We are excited to welcome Beyond Next Ventures as an investor. Myelin has developed globally leading products and capability in Edge AI. We look forward to partnering with BNV and accessing theJapanese ecosystem. 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 chief executive officer, Myelin.
Leveraging deep learning frameworks, Myelin’s product is currently being deployed across verticals of media & entertainment, health and wellness, as well as for national security purposes.
“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, chief executive and managing partner of Beyond Next Ventures
The company has previously also raised funds from Microsoft for Startups, and Pratithi Investment trust, apart from founder of Infosys Ltd., Kris Gopalakrishnan
“This investment by Japanese VC firm Beyond Next Ventures will allow Myelin to strengthen its portfolio of AI solutions and grow its market," said Gopalakrishnan.
