Myelin Foundry Pvt. Ltd, which operates an eponymous deep technology startup focussed on streamlining content creation, on Monday said it has secured Series A funding of $3 million (around Rs 24.3 crore) led by US-based automotive supplier Visteon Corporation.
The round also saw participation from Endiya Partners, Beyond Next Ventures and Pratithi Investment Trust.
The Bengaluru-based company will use the fresh funds to expand its global footprint. So far, it has raised $5.5 million in total fundraise.
Founded by Gopichand Katragadda and Ganesh Suryanarayanan in 2019, Myelin claims that its services help in reducing content creation costs, including the time taken for content to reach the market.
It is focused on developing artificial intelligence-backed tools that focus on improved visual experiences and personalised outcomes for consumers.
“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 hope to scale in the mobility ecosystem,” said Katragadda, co-founder and chief executive at Myelin.
Visteon Corporation designs and manufactures electronics for original equipment vehicle manufacturers. In 2019, VCCircle reported that the Michigan headquartered company had bought a minority stake in the deep-tech startup, Steradian Semiconductors Pvt. Ltd.
Earlier in 2016, Visteon had acquired Bengaluru-based AllGo Embedded Systems Pvt. Ltd, for around $17 million, according to its annual report.
“Edge AI is important to multiple industries as data volumes grow. Myelin is positioned to deliver value at the Edge,” said Sachin Lawande, president and chief executive officer at Visteon Corporation.
In 2020, Myelin raised $1.5 million in a pre-series A round from Pratithi, the family office of Infosys co-founder Kris Gopalakrishnan. Prior to that the startup had raised $1 million in its seed funding round led by early-stage venture capital fund Endiya Partners.
India’s deeptech space has seen considerable investment activity since last year. Earlier this month,deeptech startup Praan raised $1.56 million in a round led by Social Impact Capital.
Last week, Bengaluru-based deeptech startup Chara Technologies raised $4.75 million (around Rs 39 crore) in a pre-series A funding round led by venture capital firm Exfinity Venture Partners.
SanchiConnect, in an interaction with VCCircle, had said that it is planning to invest $50 million across 100 Indian deeptech startups this year.