Mythic Secures $30M in New Financing and Strengthens Leadership Team

REDWOOD CITY, Calif., June 12, 2019 /PRNewswire/ -- Mythic (www.mythic-ai.com), an innovative AI inference processor company with breakthrough analog compute-in-memory technology, today announced it has secured $30M in Series B-1 funding led by Valor Equity Partners, with additional new investors Future Ventures, Atreides, Micron Ventures, and Lam Research.  Existing investors also participating included SoftBank Ventures Asia, Threshold Ventures (formerly DFJ Venture), Lux Capital, DCVC (Data Collective), AME Cloud Ventures, and Lockheed Martin Ventures, bringing total Series B funding to $70M.

As the company accelerates towards market introduction of its groundbreaking inference processors, Mythic today also announced that it has significantly expanded and strengthened its leadership team during the past year with the addition of Ty Garibay as VP of Engineering, Boris Beylin as VP of Software Engineering, and Tim Vehling as SVP of Product and Business Development. Ty, Boris, and Tim bring decades of combined industry experience from companies such as Altera, Intel, TI, ARM, Cadence, Samsung, NVIDIA, Sun Microsystems, Synaptics, Silicon Image, Micronas, and LSI.

"This new financing round underscores our belief that Mythic will play a leading role in the explosive deployment of AI products both in the datacenter and at the edge," said Mike Henry, co-founder and CEO of Mythic, "and we are excited to have Valor Equity Partners lead this round, with Micron and Lam Research joining as strategic investors. With the recent additions of Ty, Boris, and Tim, Mythic is well-positioned with a seasoned leadership team to drive Mythic's product and business expansion forward."

Mythic is leading the way in reshaping the future of AI by putting advanced AI inference within the reach of all with a leap forward in performance and affordability.  Mythic IPUs (Intelligence Processing Units) offer huge advantages in power, performance, and cost. They lower the barriers to innovation, making it vastly easier and more cost-effective to deploy powerful AI solutions.  Mythic has pioneered analog computing, which performs the calculations required for the inference stage of deep neural networks inside of flash memory arrays embedded in an IPU. This represents a significant advantage over competing digital architectures.  With Mythic's advanced software tools, AI developers can quickly deploy even the most sophisticated deep neural networks, confident that they will perform effectively anywhere from the data center to edge devices.

"We have entered an era in which AI inference will be increasingly deployed everywhere," said Antonio Gracias, Founder, CEO, and Chief Investment Officer of Valor Equity Partners. "We are excited to have led this round as we believe Mythic's game-changing technology will lead the industry in allowing customers to deploy powerful AI systems in a cost-effective and power-efficient way."

Built from the ground up with the needs of AI inference in mind, the Mythic platform offers significant advantages in many applications including smart cities/spaces, consumer electronics and services, safer and simpler autonomous vehicles, and intelligent factories and farms.

"Powerful AI applications will continue to expand across markets, from data centers to the edge," said René Hartner, Vice President of Corporate Business Development, Micron Technology. "Mythic's unique and efficient compute-in-memory technology helps accelerate near real-time analytics and insights that deliver on the promise of Industrial IoT. As a strategic investor, Micron will collaborate with Mythic to advance the ecosystem for new edge solutions."

Mythic expects to provide its first products to strategic and early access customers during the fourth quarter of 2019.

About Mythic
Founded in 2012 by Mike Henry and Dave Fick, and based in Austin, TX and Redwood City, CA, Mythic is accelerating AI that works for everyone. By creating a unified hardware and software platform that relies on analog computation to deliver revolutionary power, cost, and performance, the company seeks to shatter the limits restricting AI innovation. Mythic is making it much easier and more affordable to deploy accurate, consistent AI in the real world, from the data center to the edge device. The company's investors include Threshold Ventures (formerly DFJ Venture), Lux Capital, DCVC (Data Collective), SoftBank Ventures Asia, Valor Equity Partners, Andy Bechtolsheim, AME Cloud Ventures, Atreides, Future Ventures, Micron Ventures, Lockheed Martin Ventures, and Lam Research.

About Valor Equity Partners
Valor Equity Partners is an operational growth investment firm focused on control and non-control investments in high-growth companies across various stages of development. For decades, Valor has served its companies with unique expertise to solve the challenges of growth and scale. Valor partners with leading companies and entrepreneurs who are committed to the highest standards of excellence and the courage to transform their industries. For more information on Valor Equity Partners, please visit www.valorep.com.

CONTACT:
Tim Vehling
[email protected]

SOURCE Mythic

Related Links

http://www.mythic-ai.com