Myelin Foundry CEO outlines global expansion strategy amid $4 million funding round

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Myelin Foundry, an artificial intelligence-based deeptech startup, has raised $4 million. The equity funding was led by SIDBI Venture Capital. Existing investors Endiya Partners, Pratithi Investment Trust and Subh Labh also participated in the funding round.

Gopichand Katragadda, CEO and founder of Myelin Foundry emphasised that a substantial portion of the funding will facilitate both local and global market expansion.

He noted the relocation of co-founder Ganesh Suryanarayanan to the US to bolster the company’s presence there, considering a significant portion of their clientele hails from the US.

“Many of our customers today are US customers. So we have already entered into the US market. And with that presence, we will scale up our revenues globally. When I say locally, it’s also going into AsiaPac. So significant strengthening of the sales team is also where we will be deploying the findings.”

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Unified API platform, Knit, which offers a plug-and-play integrations platform for software as a service (SaaS) companies to help them build and maintain integrations with other SaaS tools has raised $1 million in a seed funding round led by Endiya Partners, along with participation from Axilor Ventures and Angel Investors.

It will use the funds to enhance its product capabilities and incorporate gen AI technologies as well as to aid its expansion efforts globally. In an interview to CNBC-TV18, Gaurav Bhawnani, co-founder of Knit spoke about the company’s fund allocation plan.

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Plane, an open-source project management platform, has secured $4 million in seed round funding from OSS Capital. This investment will fuel the company’s community growth and compete in the enterprise segment. The startup which is headquartered in Delaware and India, was founded in 2022. Speaking to CNBC-TV18, Vamsi Kurama, co-founder and CEO of Plane discussed their fund allocation plans.

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KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow