Myelin Foundry, an artificial intelligence-based deeptech startup raises $4 million in a round of equity funding led by Sidbi Venture Capital, the venture capital arm of the Small Industries Development Bank of India.
Existing investors Endiya Partners, Pratithi Investment Trust and Subh Labh participated in the funding round, according to reports.

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

The money will boost Myelin's growth into foreign markets, bolster its AI platforms, and secure its place in the edge AI industry.

Katragadda had previously served as the group chief technology officer of Tata Sons, and Suryanarayanan was employed by the company. The family office of Infosys cofounder Kris Gopalakrishnan, Pratithi Investment Trust, is a supporter of the business.

The Detroit-based automotive supplier Visteon Corporation sponsored an early-stage fundraising round for the Bengaluru-based business that brought in $3 million in January 2023.

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