Mythic, an AI-chip maker for autonomous devices banks $40M Series B

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Mythic, an AI-based microchip for parallel computing in connected and autonomous devices raised a $ 40M Series B round led by Softbank Ventures. Other investors included DFJ, Lux Capital, Data Collective, and AME Cloud Ventures, and new investors Lockheed Martin Ventures and Andy Bechtolsheim.

Mythic’s chip

The latest funding brings Mythic’s total equity funding to $ 49M as it previously raised $ 9M Series A in March last year. It will use the funding proceeds to bring to market its Silicon used in the AI chips.

Mythic was incubated at the Michigan Integrated Circuits Lab and it’s high-speed; low-power AI chips can be used in autonomous drones, fitness bands, battery-powered monitors, and smartphone. Comprised of both hardware and software, a key difference in technology Mythic is pushing to market is the use of analog electrical signals and flash memory to perform machine learning inference calculations.

It implies most of its use cases and applications will include ‘edge compute’ scenarios where data is stored and analyzed locally on the device rather than in the cloud.

An interesting and understandable development was the appointment of Rene Haas as a board member of Mythic. He belongs to Softback and has stints in Nvidia and ARM, both being major competitors of chip-making.

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