Mythic, an AI-chip maker for autonomous devices banks $40M Series B
Mar 21 2018
Mythic, an AI-based microchip for parallel computing in connected and autonomous devices raised a $40M Series B round led by Softbank Ventures. Other investors included DFJ, Lux Capital, Data Collective, and AME Cloud Ventures, and new investors Lockheed Martin Ventures and Andy Bechtolsheim.
The latest funding brings Mythic’s total equity funding to $49M as it previously raised $9M Series A in March last year. It will use the funding proceeds to bring to market its Silicon used in the AI chips.
Mythic was incubated at the Michigan Integrated Circuits Lab and it’s high-speed; low-power AI chips can be used in autonomous drones, fitness bands, battery-powered monitors, and smartphone. Comprised of both hardware and software, a key difference in technology Mythic is pushing to market is the use of analog electrical signals and flash memory to perform machine learning inference calculations.
It implies most of its use cases and applications will include ‘edge compute’ scenarios where data is stored and analyzed locally on the device rather than in the cloud.
An interesting and understandable development was the appointment of Rene Haas as a board member of Mythic. He belongs to Softback and has stints in Nvidia and ARM, both being major competitors of chip-making.
+ Mythic expects to reach 85 employees by the end of this year.
+ The company will ramp up production of its AI-chips in 2019.
Congrats to @MythicInc on their $40M Series B with @SoftBank, Bechtolsheim & Lockheed.— Steve Jurvetson (@dfjsteve) March 20, 2018
Of all the Series A investments that I have led over 23 years, I have never seen as many unsolicited investment offers for the Series B. Here is my summary as to why: https://t.co/CvxjOsgRQS pic.twitter.com/r9zC13BD8f
Congrats to brilliant “AI chips for everywhere” team at @dcvc co @MythicInc on their $40M major up round.— Matthew Ocko (@mattocko) March 20, 2018
Glad to have been one of the earliest investors in the company’s promise, glad to double down again as one of the anchor backers of big progress.