Redwood city based AI Chip startup Mythic secures $70 Million

Mythic, an AI chip startup, has raised 70 Million in a Series C funding round.

Founded in 2012, Redwood city based Mythic offers an integrated hardware and software platform. The AI-powered platform make it simple and cost-effective for companies to deploy powerful AI applications for the smart home, AR/VR, drone, video surveillance, smart city, and manufacturing markets. To date, the AI chip startup raised $165.2 Million in eight funding rounds, notes the announcement.

CEO, Co-founder, and Chairman of Mythic, Mike Henry, said, "Customers are finding that powerful AI leads to significant differentiation of their products, and our cost-effective solution lets them deploy AI at an unprecedented scale. We are thrilled to have a world-class firm like BlackRock lead this round, allowing us to massively scale up the production of our solutions, invest in our technology roadmap, and better serve the needs of our current and future customers across many different verticals."

Vice president and head of Hewlett Packard Pathfinder, Paul Glaser, said, "Mythic is perfectly positioned to take advantage of the rapidly-growing demand for AI with the company’s groundbreaking analog compute technology, strong leadership team, and go-to-market strategy targeting a wide variety of industries. We are thrilled to co-lead this latest investment round as Mythic continues to drive the mass adoption of AI in edge devices."

BlackRock and Hewlett Packard Enterprise (HPE) led the latest funding round. Other participating investors include Alumni Ventures Group, and UDC Ventures, notes the announcement.

The Redwood city based AI chip startup will leverage the latest funding to accelerate plans for mass production of its AI inference solutions. Mythic also intends to use newly raised funds to increase support for its growing customer base across APAC, Europe, and the U.S. 

Additionally, the AI chip startup also plans to develop a next-generation hardware platform and build out its software portfolio, notes the announcement. 

In November 2020, Mythic also launched the first Analog Matrix Processor for AI applications. combining best-in-class performance with superb power efficiency in a cost-effective solution.