Indian deep tech artificial intelligence (AI) startup Myelin Foundry has raised its Series A of $3 million led by Visteon Corporation, a global automotive electronics major.

Other participating investors include current Myelin investors Endiya Partners, Beyond Next Ventures, and Pratithi Investment Trust, Myelin Foundry said in a statement.

Myelin Foundry’s 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.

“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,

“We look forward to partnering with Visteon and scaling in the Mobility 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 of Myelin.

Myelin has developed global-first products for Media & Entertainment and Intelligent Mobility. The company has also established its product-market fit and built key customer relationships which include leading streaming services and automotive original equipment manufacturers (OEMs).

Myelin Foundry was founded in January 2019 by Dr. Gopichand Katragadda and Ganesh Suryanarayanan who come with rich experience in deploying Artificial Intelligence solutions in a wide range of industries having led technology teams at GE, Tata Sons, and Cadence.

“We are very pleased to be the lead investor for Myelin Foundry’s Series A round. 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 and Chief Exeutive Officer of Visteon Corporation.

Cited recent market reports, Myelin said 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.

“We remain highly optimistic about the potential of Myelin as a leading solution for deploying real-time AI compute 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,

“Myelin’s platform delivers on this need, and its technology has been proven through use cases by major players in the industry. We are now ready to scale and bring this powerful solution to a wider market.” said Sateesh Andra, Managing Partner of Endiya Partners.

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