With a new name and a fresh $9 million in funding, Austin-based Mythic is launching an artificial intelligence platform aimed at devices ranging from action cameras to drones to health wearables.
Mythic, formerly named Isocline, received the investment from DFJ, Lux Capital, Data Collective and AME Cloud Ventures. The company was previously funded by grants and angel investors as it developed its technology.
The company says it has developed a hardware and software platform that turns devices into secure and trusted assistants. Unlike traditional cloud-based AI solutions, Mythic says it has designed technology that untethers devices from the cloud, providing superior security and privacy.
Mythic will initially target smart home, action cameras, wearables, security and monitoring for commercial and home use and drones for industrial applications.
Other AI solutions “compromise on what consumers and commercial companies care about -- battery life, throughput and accuracy,” said Mike Henry, co-founder and CEO of Mythic. “We saw early on the opportunities afforded AI from processor-in-memory and new methods of computing. The Mythic platform revolutionizes local AI design and performance.”
The company was founded in 2012 by Henry and Dave Fick at Michigan Integrated Circuits Lab at the University of Michigan. The co-founders developed a new deep learning deployment model based on hybrid digital/analog.
The design allows the company to put highly complex processing capabilities onto a module the size of a shirt button, and data-center compute capabilities onto a card-deck sized platform.
They moved the company to Austin in 2015 to tap into the region’s semiconductor talent.
“We knew this was going to take a lot of patience and we would have to be very conservative on how we spent cash,” Henry said. “Austin was perfect because some of the best engineers in the industry are there, and they’re very patient and willing to spend a long time working on these problems. We could do it at a reasonable cost, and we were able to get the technology out and get to the point where we could raise money.”
Mythic plans to use its new funding to grow its engineering team in Austin. The company has 10 employees and plans to reach 20 over the next six months. It also has seven employees in Silicon Valley, where it is focused on marketing.
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