Endiya Partners has led a seed funding round at $1 million (approx INR 7 crore) in a Bengaluru-based deep tech product startup Myelin Foundry. The investor infused around $500,000 (approx INR 3 crore) in the startup.
The startup said it will use the capital to accelerate product development and market penetration.
The firm is also looking to scale up in the content generation space, and plans to on-board large graphics studios in India and globally.
Myelin Foundry was founded by Gopichand Katragadda, a former Group Chief Technology Officer, Tata Sons, along with two Co-founders Ganesh Suryanarayanan and Aditi Olemann in early 2019.
The platform transforms human experiences and industry outcomes by building Artificial Intelligence algorithms on video, voice, and sensor data for edge devices.
It develops AI-based products with applications in areas such as media and entertainment, health & wellness, and national security.
The startup has a team strength of 18 employees at present.
Whereas, founded in 2016, Endiya Partners is a seed and early-stage venture capital fund that invests in IP led Indian product startups that are globally relevant.
Its portfolio consists of companies across technology, healthcare, and tech-enabled consumer sectors.
The fund has Rs 500 crore under management.
The Indian OTT market, which is currently valued at $500 million, is expected to reach an astounding $5 billion by 2023, as per a Boston Consulting Group (BCG) report.
Some of the significant deep tech startups under the similar domain include Couture.ai, Datacrux Insights, Delium, Drive Analytics, and many more.