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Myelin Foundry raised $1 million as a part of its pre-series A round

Saransh Pandey

Intern
  • May 14, 2021
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    The company will be using the funds to further consolidate its presence in the Indian market, and expand into international geographies.

Bengaluru-based deep tech artificial startup, Myelin Foundry has announced that it has raised $1 million as a part of its pre-series A round led by Japanese venture capital firm, Beyond Next Ventures. 

Existing investor, Endiya Partners, also participated as a part of the pre-Series A round.  The company will be using the funds to further consolidate its presence in the Indian market, and expand into international geographies. 

Myelin Foundry is a deep tech product startup, which allows users to access high-definition streaming experiences, through its proprietary product, Fovea Stream. 

Gopichand Katragadda, founder and chief executive officer, Myelin said that they are excited to welcome Beyond Next Ventures as an investor. Myelin has developed globally leading products and capability in Edge AI. He further said that he looks forward to partnering with BNV and accessing the Japanese ecosystem. Leveraging deep learning frameworks, Myelin’s product is currently being deployed across verticals of media & entertainment, health, and wellness, as well as for national security purposes. 

Tsuyoshi Ito, chief executive and managing partner of Beyond Next Ventures commented on the deal that they are pleased to be the lead investor for Myelin Foundry's Pre-Series A round. Myelin, led by Founder Dr. Katragadda, is a deep tech startup with a strong focus on Edge AI Platform technology. He further said that as a shareholder, he looks forward to contributing to Myelin's business expansion in collaboration with Japanese companies. 

The company has previously also raised funds from Microsoft for Startups, and Pratithi Investment trust, apart from founder of Infosys Ltd., Kris Gopalakrishnan. This investment by Japanese VC firm Beyond Next Ventures will allow Myelin to strengthen its portfolio of AI solutions and grow its market. 

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