AI analog chip startup Mythic raise $70m in Series C funding

Mythic, a analog AI processor company, has announced $70 million in Series C funding. The new funding is to help accelerate plans for mass production of its M1108 AI inferencing chips and increase support for the company’s growing customer base, spanning across APAC, Europe, and the US.

The funding was led by BlackRock and Hewlett Packard Enterprise (HPE) and brings Mythic’s total funding to $165.2 million. Money raised will also be used to develop its next-generation hardware platform and build out its software portfolio.

“Customers are finding that powerful AI leads to significant differentiation of their products, and our cost-effective solution lets them deploy AI at an unprecedented scale,” said Mike Henry, CEO, Cofounder, and Chairman of Mythic. “We are thrilled to have a world-class firm like BlackRock lead this round, allowing us to massively scale up the production of our solutions, invest in our technology roadmap, and better serve the needs of our current and future customers across many different verticals.” 

Analog Matrix Processor for AI applications

In November 2020 Mythic unveiled the first Analog Matrix Processor for AI applications, combining high performance with good power efficiency in a cost-effective solution. Mythic’s integrated hardware and software platform is making it easier and more affordable for companies to deploy powerful AI applications for the smart home, AR/VR, drone, video surveillance, smart city, and manufacturing markets. 

According to Mythic their M1108 Mythic AMP makes this possible ‘by using analog computing and integrated flash memory to deliver significantly faster results at much lower cost and power consumption compared to typical digital processors’.

“Mythic is perfectly positioned to take advantage of the rapidly-growing demand for AI with the company’s groundbreaking analog compute technology, strong leadership team, and go-to-market strategy targeting a wide variety of industries,” said Paul Glaser, vice president and head of Hewlett Packard Pathfinder.

Mythic has said they will continue to move full steam ahead to help companies unlock the limitations of AI and cost-effectively deploy AI at an unprecedented scale.