Bengaluru based deep technology startup Myelin Foundry, is receiving its seed-funding of $1 million (Rs 7.23 crore) and the investment round is led by Endiya Partners, who are picking up 50% of the tab. The startup is aiming to enter into the over the top (OTT) video streaming and some other areas, including healthcare. Myelin Foundry has been started by Gopichand Katragadda, who used to be a Group Chief Technology Officer with Tata Sons. He says the areas he is entering into have nothing to do with the existing businesses the Tata Group is engaged in.
The founder has said that the funds now raised will be used towards increasing the manpower, particularly in the areas of sales & marketing, apart from expanding the work on R&D the company is already engaged in. Myelin will also deploy some funds towards more commercialisation of its products.
The startup is not even a year old and is aiming to carve out a slice of the $5 billion OTT market the country is being predicted to grow to, by 2023. Using artificial intelligence and other latest technologies, Myelin wants to enter into diverse areas like cloud gaming, healthcare and wellness, construction industry and even national security. However, the present focus will remain on the OTT segment. Myelin will get into creating content for the major OTT players including the large overseas ones.
Myelin wants to exploit the opportunity arising from the launch of 5G services which they believe will enhance the requirement for OTT content. The company is able to provide the technology that can help content creators quickly develop their proprietary content. Myelin expects to bring in high quality VFX of international standards to India at affordable costs.
The next round of funding will allow the company to develop large scale products in this regard, he added.
In the healthcare segment, the startup is working on developing algorithms that can measure wellness statistics in a non-invasive manner. Blood tests, for example, could diagnose many ailments for which other intrusive tests are currently conducted.
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.