The Series C round brings Mythic’s total funding to $165.2 million.
Mythic will use the new funding to accelerate plans for mass production of its AI inference devices and increase support for the company’s growing customer base, which spans across APAC, Europe and the U.S.
Mythic will also use the money raised to develop its next generation hardware platform and build out its software portfolio.
“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,” said Mike Henry, CEO, Co-founder, and Chairman of Mythic.
In November 2020 Mythic unveiled the first Analog Matrix Processor for AI applications, combining best-in-class performance with superb power efficiency in a cost-effective solution.
While expensive and power-hungry hardware has limited the broad deployment of AI applications, Mythic’s integrated hardware and software platform is making it easier and more affordable for companies to deploy powerful AI applications for the smart home, AR/VR, drone, video surveillance, smart city, and manufacturing markets.
Mythic’s M1108 Mythic AMP makes this possible by using analogue computing and integrated flash memory to deliver significantly faster results at much lower cost and power consumption compared to typical digital processors.
Device makers and original equipment manufacturers (OEMs) can choose from the single-chip M1108 Mythic AMP or a variety of PCIe card configurations, including the M.2 M Key and M.2 A+E Key form factors, offering added design flexibility and easier integration so they can bring products to market faster.
In addition to participation from previous institutional and strategic investors, Mythic also has expanded its growth-stage syndicate with new investors Alumni Ventures Group, UDC Ventures, and others.