AI chip startup Mythic secures $13M in funding to bring next-gen processor to market

Mythic, an AI chip startup, has secured $13 million in fresh funding to bring its energy-efficient AI processor to market. The funding round was led by existing investors and new investors, including Catapult Ventures and Hermann Hauser Investment. This is great news for Mythic, as the company ran out of capital last November. Despite facing a challenging economic environment, Mythic hopes to focus on its technology offering, go-to-market strategy, and customer acquisition.

Mythic’s chip technology is unique because it stores analog values on flash transistors, allowing the hardware to perform calculations in parallel without stopping. This parallel processing results in efficiency gains, especially for AI applications. Mythic’s first commercial chip, M1076, is perfect for computer vision use cases, making it capable of detecting small objects from faraway distances in fewer than 33 milliseconds. The company’s capabilities have even attracted major investors like Lockheed Martin.

To claw back to stability, Mythic’s CEO, Dave Fick, prioritized efficiency and cost-cutting measures by leveraging more development partners and off-the-shelf components, reducing costs and time to market. The company also revamped its go-to-market strategy, focusing on defense, public safety, industry, and consumer verticals. Mythic’s pivot to defense might seem opportunistic to some, but the company is set to capitalize on the wellspring of capital available in the sector. Mythic’s processor is expected to deliver data center GPU performance into the size, power, and cost of practical long-run-time edge systems, capable of defending public places from violence and terror, delivering revolutionary capabilities for homeland defense and national security.

Mythic’s breakthrough technology is poised to revolutionize the AI industry. With the ability to perform calculations in parallel, the company’s chip technology is incredibly efficient, making it perfect for AI applications. The company has even attracted major investors like Lockheed Martin, who see the potential in Mythic’s capabilities. With the new funding, Mythic can bring its “next-generation” product to market and focus on its technology offering, go-to-market strategy, and customer acquisition. The company’s pivot to defense might seem opportunistic, but it’s set to capitalize on the wellspring of capital available in the sector. Mythic’s processor is expected to deliver data center GPU performance into the size, power, and cost of practical long-run-time edge systems, capable of defending public places from violence and terror, delivering revolutionary capabilities for homeland defense and national security.