AI Inference Processor Company Mythic Raises $30 Million In Series B-1

By Annie Baker ● June 17, 2019
  • AI inference processor company Mythic recently announced that it raised $30 million in Series B-1 funding
  • This round of funding was led by Valor Equity Partners with additional new investors Future Ventures, Atreides, Micron Ventures, and Lam Research
  • Existing investors SoftBank Ventures Asia, Threshold Ventures (formerly DFJ Venture), Lux Capital, DCVC (Data Collective), AME Cloud Ventures, and Lockheed Martin Ventures also joined

Mythic, an AI inference processor company founded by CEO Michael B. Henry and CTO Dave Fick, announced recently that it raised $30 million in Series B-1 funding led by Valor Equity Partners with additional new investors Future Ventures, Atreides, Micron Ventures, and Lam Research.  Existing investors SoftBank Ventures Asia, Threshold Ventures (formerly DFJ Venture), Lux Capital, DCVC (Data Collective), AME Cloud Ventures, and Lockheed Martin Ventures also joined this round. Including the $30 million Series B-1, it brings the total Series B to $70 million.

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Since launching, Mythic has been rapidly pursuing the market introduction of its groundbreaking inference processors and has been strengthening its leadership team along the way. For example, the company hired Ty Garibay as VP of Engineering, Boris Beylin as VP of Software Engineering, and Tim Vehling as SVP of Product and Business Development. These executives have worked for decades in companies like Altera, ARM, Cadence, Intel, LSI, Micronas, NVIDIA, Samsung, Silicon Image, Sun Microsystems, Synaptics, and TI.

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“This new financing round underscores our belief that Mythic will play a leading role in the explosive deployment of AI products both in the datacenter and at the edge,” said Henry. “And we are excited to have Valor Equity Partners lead this round, with Micron and Lam Research joining as strategic investors. With the recent additions of Ty, Boris, and Tim, Mythic is well-positioned with a seasoned leadership team to drive Mythic’s product and business expansion forward.”

Mythic has been leading the way in reshaping the future of artificial intelligence by putting advanced AI inference within the reach of all with a leap forward in performance and affordability. And Mythic’s IPUs (Intelligence Processing Units) offer huge advantages in power, performance, and cost as it lowers the barriers to innovation and makes it vastly easier and more cost-effective for deploying powerful AI solutions.

“We have entered an era in which AI inference will be increasingly deployed everywhere,” added Valor Equity Partners founder, CEO, and chief investment officer Antonio Gracias. “We are excited to have led this round as we believe Mythic’s game-changing technology will lead the industry in allowing customers to deploy powerful AI systems in a cost-effective and power-efficient way.”

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Mythic is also known for pioneering analog computing and performs the calculations required for the inference stage of deep neural networks inside of flash memory arrays embedded in an IPU. This represents a significant advantage over competing digital architectures.

“Powerful AI applications will continue to expand across markets, from data centers to the edge,” explained Micron Technology’s VP of Corporate Business Development René Hartner. “Mythic’s unique and efficient compute-in-memory technology helps accelerate near real-time analytics and insights that deliver on the promise of Industrial IoT. As a strategic investor, Micron will collaborate with Mythic to advance the ecosystem for new edge solutions.”

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Mythic is expecting to provide its first products to strategic and early access customers in Q4 2019.