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Myelin Foundry’s $1 Mn funding gives a new angle to the deep tech sector

Recently, deep tech AI startup ‘Myelin Foundry’ became the talk of the town for receiving $1 million from Japanese venture capital company ‘Beyond Next Ventures’ in pre-Series A round funding. What made the funding a big deal was because the startup has Infosys co-founder Kris Gopalakrishnan as an investor. Why did a tech-savvy person like Kris Gopalakrishnan invest in a deep tech AI startup? It is because the growth of Deep Tech startups is important for India.

In July-August 2020, KPMG said that the future would witness ‘innovative technologies’ attracting more investments to bring about cutting edge technologies. The new normal situation in 2020 turned out to be an ideal ground for rapid digital transformation. The changing consumer nature that opted for the virtual world encouraged the Indian startup ecosystem to adopt in-depth technological solutions. Artificial Intelligence, Machine Learning, Natural Language Processing, Robotic Process Automation, Blockchain, AR / VR, Internet of Things, Big Data and 3D Printing are all labelled as Deeptech.

According to the Nasscom report, 19 per cent of Indian startups, which means more than 2,100 start-ups, focus on deep tech solutions and complex and innovative products. Deep Tech offers innovative technological solutions in financial services, healthcare, education, manufacturing and agriculture. Most Deep Tech AI startups focus on personalised and improved diagnostics/medical treatment, augmented reality classrooms, wealth management at all levels for Indian investors, and helping SMBs provide a better customer experience. AI, IoT, and Big Data are deep tech’s key choices to enhance business-to-business experiences across e-commerce, enterprise tech, fintech, health tech, edtech, HR tech and agritech.

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