Austin-based Mythic has landed $40 million in funding to launch its artificial intelligence platform aimed at devices ranging from smart watches to robots to drones.
SoftBank Ventures, a subsidiary of Japanese conglomerate SoftBank Group Corp., was the lead investor in the Series B round. Other investors in the deal included Lockheed Martin Ventures, DFJ and Andy Betchtolsheim, co-founder of Sun Microsystems and an early Google investor. Also participating: Lux Capital, Data Collective, and AME Cloud Ventures.
The new money brings the total raised by Mythic to $56 million.
Mythic also announced that its first customer is Lockheed Martin Corp.
Unlike traditional cloud-based AI solutions, Mythic says it has designed technology that untethers devices from the cloud, providing superior security and privacy.
The company says its platform, comprised of both hardware and software, brings the compute power of a data center to embedded devices and smart machines -- such as cars, phones, drones and consumer electronics -- without the inconvenience of going to the cloud.
“The world will be very different 10 years from now,” said Michael Henry, co-founder and CEO of Mythic. “And Mythic will play a major role in the machines, devices and electronics that make that difference.”
Mythic 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 deploykment 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.
The company relocated to Austin in 2015 to tap into the region’s semiconductor talent, and it now has about 50 employees.
“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 told the American-Statesman last year. “Austin was perfect because some of the best engineers in the industry are here, and they’re very patient and willing to spend a lot of time working on these problems.”
Mythic said it plans to deliver its first product samples at the end of 2018 and begin shipping in early 2019.