Myelin Foundry Pvt. Ltd, a deep-technology startup, has raised around $1 million (Rs 7.20 crore at current exchange rates) in its seed funding round led by early-stage venture capital fund Endiya Partners.
The company said in a statement it will use the funds to scale its products on a commercial basis, enhance its research and development capabilities, and hire sales and marketing staff.
The startup, founded by former Tata Sons group chief technology officer Gopichand Katragadda, focusses on developing artificial intelligence-based products for areas such as video streaming and wellness.
Katragadda said the company was looking to leverage 5G network technology to enable the “next generation” of over-the-top (OTT) streaming. The firm is also looking to scale up its business in the content generation segment, and on-board graphics studios, he said.
Bengaluru-based Myelin was founded earlier this year. Its services help in reducing content creation costs, including the time taken for content to reach the market. Its platform also enhances limited data for AI model training and provides actionable insights, according to its website.
Endiya Partners managing director Sateesh Andra said the firm was confident in its investment because of Myelin’s application of AI algorithms at a lower cost.
The firm says it partners with entrepreneurs to help them build products on a global scale, with a focus on segments such as the internet of things, software-as-a-service, mobile, security and financial technology, among others.
In May, the firm marked the first close of its second fund, raising $40 million, more than half of the targeted corpus of Rs 500 crore. The final close of the fund is expected before the end of the year, Andra had told VCCircle at the time.
Last year, the venture capital firm invested in Steradian Semiconductors Pvt. Ltd, a deep-tech startup that is developing high-performance sensors for autonomous vehicles, and Cygni Energy, a solar power solutions firm.