Bengaluru-based Myelin Foundry, a deep-tech startup, has raised $1 million in its seed funding round, led by early-stage venture capital fund Endiya Partners.
Of the $1 million raised, 50% was invested by Endiya Partners and the rest 50% by angel investors.
The fresh capital would be used to scale products commercially, enhance research and development and hire sales and marketing staff, Gopichand Katragadda, CEO, Myelin Foundry, told TechCircle.
The startup was founded in 2019 by former Tata Sons group chief technology officer Katragadda and former Tata Group employees Ganesh Suryanarayanan and Aditi Olemann.
Myelin claims to transform human experiences and industry outcomes by deploying artificial intelligence (AI) algorithms on complex unstructured data at the edge. Its products and solutions span across domains such as media and entertainment, health and wellness and national security.
Its services also help in reducing content creation costs, including the time taken for content to reach the market.
The company also develops products for the construction industry with applications like tagging of aerial drone photography and satellite imagery.
The company is looking to leverage the 5G network technology to enable the next generation of over-the-top (OTT) streaming along with scaling up its business in the content generation segment.
Myelin plans to onboard large graphics studios in India and globally. It is also looking to target global companies entering India in the health and wellness industry.
"We love the early stage and product startups. Myelin has a tremendous global opportunity with its good domain knowledge. They are working with the OTT industry for zero buffering and helping people create content faster at a lower cost. The right team and a global opportunity were the key reasons for us to pick Myelin," said Sateesh Andra, managing director, Endiya Partners.