Myelin Foundry, which is a Bangalore based deep technology product startup, has now secured $1 million in the seed funding round led by the Endiya Partners with an investment of $500000.
The startup said that it will now be going to use the capital to accelerate market penetration and product development.
The company which is founded by the former Group CTO of Tata Sons, Gopichand Katragadda along with some other co-founders. It transforms human experiences and industry outcomes by building AI algorithms on voice, video, and sensor data for the edge services.
It develops AI-based products with applications in areas such as media and entertainment, national security, and Health & wellness.
The startup has a team size of 18 employees at present.
The company looks to capture the market share in areas like cloud gaming and video streaming for the OTT players.
The company is also looking to scale up in the content generation space and plans to onboard large graphics studios in India and across the globe.
In the month of May this year, Endiya Partners also completed the first close of its second fund Endiya Partners Fund 2 at the $40 million. The new fund which even claims to be the largest B2B focused seed fund expects to have a total corpus of $70 million and aims to hit its final close by the end of 2019.
It secured its first funding round at $25 million in the early 2017.