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Myelin Foundry Raises $3 Million In A Round Led By Visteon

Before this funding, Myelin raised $1 million in its Pre-Seed funding round

Myelin Foundry Raises $3 Million In A Round Led By Visteon
POSTED ON January 24, 2023 2:33 PM

Bengaluru-based Myelin Foundry has raised $3 million in a Series A funding round led by Visteon Corporation, a global automotive electronics company. Apart from Myelin, Endiya Partners, Beyond Next Ventures and Pratithi Investment Trust. 

The company is planning to utilise the fund to consolidate its platforms. Additionally, the company is planning to expand its business across multiple geographies. It will also strengthen its position in the local markets. 

Before this funding, it raised $1 million in its Pre-Seed funding round. A Japanese venture capital (VC) firm Beyond Next Ventures led the investment round. 

Founded by Gopichand Katragadda and Ganesh Suryanarayanan, the start-up is known for developing an AI-driven platform to provide video and audio-based services. 

“Myelin was founded with a vision to transform human experiences and industry outcomes by building and deploying IP-led proprietary Edge AI products to process video, voice, and sensor data," said Gopichand Katragadda, the founder and CEO of Myelin. 

Addressing the investment, Sachin Lawande, president and CEO of Visteon Corporation, said, “Edge AI is critical to multiple industries as data volumes grow exponentially. Myelin is ideally positioned to deliver value at the Edge. As shareholders, we look forward to contributing to Myelin's business expansion in Mobility.

Sateesh Andra, managing partner ( MP) of Endiya Partners, said, “We remain highly optimistic about the potential of Myelin as a leading solution for deploying real-time AI computers on the Edge. With the emergence of 5G, Industrial IoT, and Intelligent Mobility, the need to improve efficiency, performance, and user experience while reducing costs is becoming increasingly important across industries.”

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