Other Private Equity/Strategic Investments
Predictive intelligence platform Myelin Foundry raises Rs.48-Cr from ASM Tech
Deeptech product start-up Myelin Foundry has raised INR 48 crore (around USD 5.3 million) from fellow Bengaluru-based, publicly listed digital services provider ASM Technologies in return for a 20% stake.Founded in 2019 by Gopichand Katragadda and Ganesh Suryanarayanan, Myelin Foundry provides AI solutions for edge devices across the media and entertainment and automotive sectors by offering real-time analytics and insights derived from audio, video, and sensor data.This transaction is expected to integrate Myelin Foundry’s edge-first AI stack, which specializes in predictive intelligence and multimodal analytics, directly into ASM Technologies’ engineering design-led manufacturing portfolio to bridge the gap between AI and factory operations, addressing industry requirements in semiconductor, electronics, solar, and engineering.
Between Sep 2019 and May 2024, Myelin Foundry had attracted about USD 10 M from Endiya Partners, Pratithi Investments, Beyond Next Ventures, SIDBI VC and others.For FY25, Myelin Foundry had reported about INR 4 Cr in Operating Income and about INR 8 Cr in Net Loss.
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