Deeptech startup Myelin Foundry raises $4 million led by Sidbi Venture Capital

Myelin Foundry, an artificial intelligence-based deeptech startup, said it has raised $4 million in a round of equity funding led by Sidbi Venture Capital, the venture capital arm of Small Industries Development Bank of India (Sidbi).

Existing investors Endiya Partners, Pratithi Investment Trust and Subh Labh participated in the funding round, Myelin Foundry said in a statement.

The funding will help strengthen Myelin's AI platforms, support its expansion into international markets, and solidify its position in the edge AI space, the statement added.


“This investment reaffirms the confidence in Myelin’s growth trajectory and the potential of our Edge AI and GenAI platforms,” said Gopichand Katragadda, founder and chief executive of the company. “The global artificial intelligence market size was estimated at $200 billion in 2023 and is projected to grow at a CAGR of 36.6% from 2024 to 2030.”

Founded in January 2019 by Katragadda and Ganesh Suryanarayanan, Myelin Foundry delivers video and audio experiences and outcomes. Its customer base includes global automotive and online streaming players.

Katragadda was formerly Tata Sons group chief technology officer while Suryanarayanan was an employee at the conglomerate. The company is backed by Pratithi Investment Trust, Infosys cofounder Kris Gopalakrishnan’s family office.

The Bengaluru-based startup last raised $3 million in an early-stage funding round led by Detroit-based automotive supplier Visteon Corporation in January 2023.

“We are excited to lead Myelin Foundry's current equity round and support their vision of deploying AI solutions at the edge,” said Debraj Banerjee, senior fund manager at Sidbi Venture Capital. “Myelin's innovative approach and strong leadership position them well to place Indian startups on the global AI map,” he added.