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Deep tech startup Myelin Foundry raises $1 million in seed round

The funds will be used predominantly for scaling up products commercially, research & development and hiring in sales and marketing.

, ET Bureau|
Sep 03, 2019, 08.20 PM IST
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BCCL
Technology
Apart from this the company also develops products with applications in national security and in the construction industry with applications like tagging of aerial drone photography and satellite imagery, among others.
Myelin Foundry, a Bengaluru based deep technology startup founded by former Group Chief Technology Officer, Tata Sons, Gopichand Katragadda that develops AI-based products with applications in areas like video streaming and health and wellness among others, is raising a seed-round of Rs 7.23 crore ($1 million) led by Endiya Partners with an investment of Rs 3.6 crore ($500,0000).

The funds will be used predominantly for scaling up products commercially, research & development and hiring in sales and marketing.

Started in early 2019 after Katragadda’s time at Tata Sons, the startup is primarily focused on building products that enterprises including the Tata Group have not ventured into, according to him. Video streaming for OTT players and later in areas like cloud gaming are the key areas the company is looking to capture market share in.

"We would like to enable the next generation of OTT streaming where a lot more content will be on the network due to 5G and the costs aren’t going to go down. We are looking to ensure that we improve the quality, leverage the network and bring down the costs as we move into the next generation of OTT streaming," said Katragadda.

The Indian OTT market is poised to grow to $5 billion by 2023, a large part of which the company is looking to target.

The company is also looking to scale up in the content generation space where it has developed proprietary products that allow processes like character generation and rotoscopy, among others to be much cheaper, “We are looking to onboard large graphics studios in India and globally. The quality of work produced in India is not of global standards because of the cost involved...we are aiming to democratise this for developing regions who cannot afford the cost of big ticket high quality VFX.”

The next round of funding will allow the company to develop large scale products in this regard, he added.

Myelin is also looking to target global companies entering India in the health and wellness industry. It has developed algorithms that allow measuring of wellness statistics in a non-invasive manner. “We are looking at the parameters which are typically done through blood tests. We are looking at measuring them continuously and non-invasively,” said Katragadda.

Apart from this the company also develops products with applications in national security and in the construction industry with applications like tagging of aerial drone photography and satellite imagery, among others.

Sateesh Andra, Managing Director, Endiya Partners said, “What Myelin is doing is applying AI algorithms on unstructured data at the edge in multiple verticals, so platforms become very important. Whether you’re helping the OTT industry for zero buffering, or helping people create content faster at a lower cost - AI has huge applications or even dealing with sparse data. A combination of these, with the right team, a global opportunity were the key reasons for us to get excited about the company.”
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