Deeptech startup Myelin Foundry and chemical manufacturing firm Atomgrid secured early-stage funding, the companies said on Wednesday.
Myelin Foundry has raised $4 million (Rs 33 crore) in a funding round led by SIDBI Venture Capital Ltd and saw participation from existing investors Endiya Partners, Pratithi Investment Trust and Subh Labh.
The fresh funding will improve Myelin's AI platforms and support its expansion into international markets.
Founded by Gopichand Katragadda and Ganesh Suryanarayanan in 2019, Myelin Foundry is a deeptech startup focused on streamlining content creation. It is focused on developing artificial intelligence-backed tools that focus on improved visual experiences and personalised outcomes for consumers.
In January 2023, the startup raised a Series A funding round of $3 million. The round was led by US-based automotive supplier Visteon Corporation and saw participation from Endiya Partners, Beyond Next Ventures and Pratithi Investment Trust.
Atomgrid, a specialty chemical manufacturing platform, has raised $1.2 million (Rs 10 crore) in seed funding led by early-stage B2B-focused venture capital firm Merak Ventures.
The round also saw participation from Dexter Ventures, Upsparks, Point One Capital and the founders of UniCards Nitin Gupta and Prateek Jindal.
Atomgrid will utilise funds to expand its in-house research and development (R&D) infrastructure and to increase its global outreach.
Founded by Lakshit Bansal, Siddharth Gupta and Pratik Chowdhury, Atomgrid is an R&D-first platform for contract development, manufacturing, and sourcing of specialty chemicals.