Myelin Foundry, a Bengaluru-based deep tech artificial intelligence (AI) startup, has raised a pre-series A round of $ 1 million led from Japanese venture capital firm Beyond Next Ventures. Endiya Partners, one of the seed phase investors, also participated in the pre-Series A fundraiser.
Myelin Foundry, a deep tech product startup, was founded in January 2019 by Gopichand Katragadda, Ganesh Suryanarayanan, and Aditi Olemann. It is working in the field of transforming human experiences & industry outcomes by developing AI algorithms on video, voice, and sensor data for edge devices.
“We are excited about welcoming Beyond Next Ventures as an investor. Myelin has developed globally leading products and capabilities in Edge AI. We look forward to partnering with BNV and accessing the Japanese ecosystem. I am also happy to see the confidence of our seed round investors as they continue to support our journey,” said Katragadda, Founder and CEO of Myelin.
Making the future of video-streaming better
The company’s first product in the market was Fovea Stream that enables HD viewing experiences with SD transmission. Among its recognitions, Myelin has got award for the ‘Nasscom Emerge 50’ in the Enterprise category and the ‘Investor’s choice’ in the 6th cohort of the NetApp Excellerator.
The new round will consolidate Myelin’s products in the Indian video streaming market and expand into international markets. Myelin will further build capabilities and position itself as a leader in the edge AI space across industries. Leveraging AI and machine learning, Myelin’s product is currently being deployed across various sectors that include health and wellness, media, entertainment, and national security purposes.
“We are very pleased to be the lead investor for Myelin Foundry’s Pre-Series A round. As a shareholder, I look forward to contributing to Myelin’s business expansion in collaboration with Japanese companies,” stated Tsuyoshi Ito, CEO & Managing Partner of BNV.
The company has previously also raised funds from Microsoft for Startups, and the Pratithi Investment trust, apart from the 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 Kris Gopalakrishnan.