Deep tech AI startup Myelin Foundry has raised $3 million in a Series A funding round led by Visteon Corporation, a global automotive electronics player.
Other participating investors include current Myelin investors Endiya Partners, Beyond Next Ventures, and Pratithi Investment Trust.
Myelin Foundry said its platforms deploy artificial intelligence in real-time, at the edge to provide unparalleled video and audio experiences and outcomes. The new round will consolidate Myelin’s platforms and expand into international markets. Myelin will further build capabilities and position itself as a leader in the edge AI space, the startup said.
Gopichand Katragadda, Founder & CEO of Myelin, said, “Myelin was founded with a vision to transform human experiences & industry outcomes by building and deploying IP-led proprietary Edge AI products to process video, voice, and sensor data. We look forward to partnering with Visteon and scaling in the Mobility ecosystem.”
The company said it has established its product-market fit and built key customer relationships which include leading streaming services and automotive OEMs.
According to recent market reports, the global market for Edge AI is estimated to be $8 billion by 2027, driven by factors such as advancements in AI-powered Edge solutions for factories, mobility, and entertainment, said the company.
“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,” said Sachin Lawande, President & CEO of Visteon Corporation.