Kris Gopalakrishnan’s family office, SIDBI’s VC arm, others invest $4 million in AI startup Myelin Foundry
Deeptech AI startup Myelin Foundry has raised $4 million in its latest equity funding led by venture capital arm of Small Industries Development Bank of India, SIDBI Venture Capital, the company announced on Wednesday.
The round also saw participation of its existing including Endiya Partners, Pratithi Investment Trust (family office of Infosys co-founder Kris Gopalakrishnan), and Subh Labh.
The new funding will further strengthen its AI platforms and support its expansion into international markets, the company said.
Speaking on the funding raised, Gopichand Katragadda, Founder & CEO, Myelin Foundry, said, “We look forward to working closely with our valued partners to accelerate our journey of transforming industries with Edge AI solutions.
The global artificial intelligence market size was estimated at USD 200 billion in 2023 and is projected to grow at a CAGR of 36.6% from 2024 to 2030. Myelin is positioned to be a key player in this exciting space.”
Founded in January 2019, Myelin Foundry focuses on transforming human experiences and industry outcomes by building AI algorithms on video, voice, and sensor data for consumer edge devices.
Consumer edge devices are electronic devices used at the edge of a network.
These devices connect to the internet or a local network and are used for personal or household purposes such as smartphones, tablets, laptops, smart watches, etc.
Myelin Foundry’s customer base includes global automotive and OTT (over-the-top) players looking to leverage AI in their automotive and customer devices.
“My family office, Pratithi Investment Trust, remains committed to backing Myelin Foundry’s mission of creating global first AI platforms leading with Edge AI and Gen AI,” said Kris Gopalakrishnan, Co-founder, Infosys.
Byfinancialexpress
