Mythic, an Austin, TX and Redwood City, CA-based AI chip company that bases its edge computing technology on an analog processor-in-memory design, closed a $40m series B funding.
The round was led by SoftBank Ventures, with participation from existing investors DFJ, Lux Capital, Data Collective, and AME Cloud Ventures, and new investors Lockheed Martin Ventures and Andy Bechtolsheim. In conjunction with the funding, Rene Haas, EVP and President of the IP Product Group at Arm, joined Mythic’s board.
Co-founded by Mike Henry and Dave Fick, Mythic has developed a local AI platform, comprised of both hardware and software, that turns devices into intelligent assistants for local AI, consumer electronics, wearable and security and monitoring manufacturers.
Incubated at the Michigan Integrated Circuits Lab at the University of Michigan in 2012, the company is now working with the top players in high-end consumer electronics, AR/VR, gaming, auto, drones, and robotics and plans to deliver the first product samples at the end of this year and ship in volume in early 2019.