(MENAFN- KNN India) Bengaluru, May 8 (KNN) Bengaluru-based artificial intelligence startup Myelin Foundry announced on Wednesday that it has raised USD 4 million in an equity funding round.

The round was led by SIDBI Venture Capital Ltd (SVCL) and also included participation from existing investors Pratithi Investment Trust, Endiya Partners, and Subh Labh.

Myelin plans to use the new funding to further expand into international markets and strengthen its AI platforms focused on providing real-time video and audio experiences.

The company's edge AI solutions are used by customers in the automotive and over-the-top media sectors.

"We look forward to working with our partners to accelerate transforming industries with our Edge AI solutions," said Gopichand Katragadda, co-founder and CEO of Myelin Foundry.

He highlighted projections that the global AI market could grow to USD 200 billion by 2030 at a 36.6 per cent annual rate.

SVCL's Debraj Banerjee expressed excitement about leading the round, citing Myelin's "innovative approach" positioning Indian startups on the global AI landscape.

Endiya's Sateesh Andra and Infosys co-founder Kris Gopalakrishnan, an investor via Pratithi Trust, also voiced continued support for Myelin's edge AI and generative AI platforms.

Founded in 2019 by Katragadda and Ganesh Suryanarayanan, Myelin Foundry is aiming to transform various industries through its edge AI computing capabilities.

(KNN Bureau)

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