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Myelin Foundry, ElecTorq, Upswing raise early-stage capital

Myelin Foundry, ElecTorq, Upswing raise early-stage capital
Photo Credit: 123RF.com
12 May, 2021

Deeptech startup Myelin Foundry on Wednesday said that it has raised $1 million in a bridge round of funding, dubbed pre-Series A, led by Japanese firm Beyond Next Ventures. 

Returning investor Endiya Partners also participated in the round, as per a statement. 

Founded in 2019 by Gopichand Katragadda, Ganesh Suryanarayanan and Aditi Olemann, Myelin Foundry develops artificial intelligence algorithms on video, voice and sensor data for edge devices. 

The Kris Gopalakrishnan-backed startup’s first product, Fovea Stream, enables high-definition viewing experiences with standard-definition transmission. 

The fresh infusion, the statement added, will help establish Myelin’s products in the India video streaming market, and aid with international market expansion.  

ElecTorq

Venture Catalyst’s idea-phase accelerator fund 9Unicorns on Wednesday said it has led a bridge round of funding, dubbed pre-Series A, in electric vehicle mobility solution provider ElecTorq. 

Financial terms of the deal were undisclosed. 

The round also saw participation from several institutional and individual investors, including AdvantEdge Founders, an early-stage mobility-focused venture capital fund; Sumant Sinha, founder of Renew Power; and Samir Khurana, serial investor, as per a statement. 

Founded by five IIT Delhi alumni, ElecTorq operates smart electric two-wheelers, swapping stations, connected intelligence modules and cloud-based fleet management tools. 

The Delhi based startup sells its hardware at a markup price and charges a subscription fee for its data and fleet management tools, the statement added. 

Upswing

Pune based Upswing Cognitive Hospitality Solutions, a predictive data solutions startup for the hospitality and travel industry, on Wednesday said that it has raised a seed round of funding from Framed Venture Capital. 

Founded in March 2021 by Gerry Comninos, Framed Venture Capital is a Melbourne private investment company, as per a statement. The statement did not disclose any other important details about the funding. 

“This capital raised will help us in scaling overall product development, operations, technology, and sales,” Harshvardhan Amle, founder of 2018-founded Upswing, said. 

Upswing uses artificial intelligence and blockchain to help its customers in the hospitality industry predict guest behaviour, manage, and deliver key performance indicators.