Mythic secures $13M for edge AI chip; Lockheed Martin Ventures among investors

Categories Edge Computing News  |  Edge Startups  |  Funding
Mythic secures $13M for edge AI chip; Lockheed Martin Ventures among investors

Mythic, an processor for edge AI systems, has raised $13 million in a recent round of funding to support the development and production of its M2000 series products. The company designs AI processors that use compute-in-memory technology for a more efficient, powerful, and budget-friendly solution than other systems on the market, the company says.

Mythic’s current investors include Atreides Management, DCVC and Lux Capital. The company has gained new support from Catapult Ventures and Hermann Hauser Investment. Mythic reports that it has raised $178 million in funding up to this point.

Simultaneously, Mythic has named Dave Fick, the co-founder and previous CTO of the company, as its new CEO. Under his leadership, the company says it has shifted its focus towards more capital-efficient investments and developing its compute-in-memory technology with a smaller team. As Mythic moves closer to producing its upcoming M2000 series chipsets in 2024, they have plans to expand its workforce.

Recommended reading: How compute-in-memory can power edge AI and accelerate manufacturing efficiency

“This new funding will help us accelerate our path forward to help companies to unlock the full potential of edge AI inferencing,” says Dave Fick, the co-founder and CEO at Mythic. “Mythic has already seen strong demand for the M1076, so we’re confident that our next-generation processor will be widely adopted in computer vision applications like smart robots, security cameras, drones and AR headsets.

According to executives at Mythic, its primary product, the M1076 analog matrix processor, is experiencing growing popularity among technology companies. One of the earliest adopters of the Mythic M1076 processor is Lockheed Martin. The company says this chipset can achieve 33ms latency for a full HD high-accuracy object detection YOLOv5 model while remaining cost and power effective for edge systems.

Lockheed Martin Ventures, part of Mythic’s Series B funding round, firmly believes that customers can capture actionable insights from systems under tight power constraints through Mythic’s technology.

“At Lockheed Martin Ventures, we want to take smart risks by investing in advanced computing capabilities that our customers can adopt and expand to outpace complex threats within a rapidly evolving landscape,” says Chris Moran, the vice president and general manager of Lockheed Martin Ventures.

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