Global buyout giant BlackRock and Hewlett Packard Enterprise have led a $70m series C round funding in analog AI process company Mythic, bringing the company’s total funding to more than $165m.
Venture capital firms including Alumni Ventures Group and UDC Ventures also participated in the round.
Founded in 2012, Mythic provides an integrated hardware and software platform to make it easier and more affordable for companies to deploy AI applications for the smart home, AR/VR, drone, video surveillance, smart city, and manufacturing markets.
Mike Henry, CEO, co-founder and chairman of Mythic, 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.”
The fresh funding will be used to accelerate plans for mass production and grow its global customer base. It will also be developing the next generation hardware platform and building its software portfolio.
Paul Glaser, vice president and head of Hewlett Packard Pathfinder, 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.”
Last month BlackRock teamed up with Temasek to launch a $1bn fund targeting venture capital and growth investment aimed at reaching a net zero economy by 2050.
The firm reportedly lowered its overall private equity fundraising goal from $12bn to somewhere between $4bn and $6bn earlier this year, after only securing $3.4bn of capital in 2020.
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Source: https://www.altassets.net/private-equity-news/by-news-type/deal-news/blackrock-teams-with-hp-to-back-analog-ai-processor-mythic-eyeing-rapidly-growing-demand.html
