Myelin Foundry Pvt. Ltd, which operates an eponymous deep technology startup focussed on streamlining content creation, has raised funding from Pratithi, the family office of Infosys co-founder Kris Gopalakrishnan.
The Bengaluru-based company said in a statement it will use the funds for entering over-the-top (OTT) markets in India and abroad. It is also looking to raise its Series A round over the next couple of quarters.
“Myelin is at the leading edge of AI/ML-based solutions. They are creating solutions that will change industries and Pratithi is happy to support the executive leadership of Myelin on this journey,” Gopalakrishnan said.
Myelin was founded in January last year by Gopichand Katragadda, Ganesh Suryanarayanan and Aditi Olemann. It is focussed on developing artificial intelligence-backed tools that focus on improved visual experiences and personalised outcomes for consumers.
Before this capital infusion, Myelin in September last year raised $1 million (around Rs 7.2 crore) in its seed funding round. The exercise was led by early-stage venture capital fund Endiya Partners.
Apart from Pratithi, the Infosys co-founder is also one of the co-founders of Axilor Ventures, whose portfolio includes companies such as health-technology firm PlusPin, business-to-business payments platform EnKash, and an enterprise technology startup.
Deals in the AI segment
AI startups have seen a massive surge of investor interest and funding in the last few years, as companies and clients across sectors seek to address pain points in their operations. Startups are also using to launch new products, service categories, and entire sectors.
Earlier this week, the US- and India-based Lincode Labs Inc. raised capital in its seed funding round from early-stage investment firms Come Back Capital and RSCM LLC. It also raised an additional amount in angel funding led by The Einfach Group, founded by Pratap Krishna.
In February, CamCom, an AI- and deep learning-based startup that is focussed on quality assessment, defect and damage detection, raised pre-Series A funding from venture capital firm Triton Investment Advisors.
Just last month, AI-based business photography firm Spyne, conversational AI tech startup Voicezen and AI-based climate-focused startup Blue Sky attracted funding.