AI Analog Chip Company Mythic Raises $70 Million in Series C Funding

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The start-up said that it will use the new funding to accelerate plans for mass production of its AI inference solutions 

Startup Funded

US-based analog AI processor company Mythic has raised $70 million in Series C funding led by BlackRock and Hewlett Packard Enterprise (HPE), bringing its total funding to $165.2 million. 

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The start-up said that it will use the new funding to accelerate plans for mass production of its AI inference solutions and increase support for the company’s growing customer base, which spans across APAC, Europe and the U.S. Mythic will also use the money raised 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, Co-founder, 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.”

In November 2020, Mythic unveiled the first Analog Matrix Processor for AI applications.

“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. “We are thrilled to co-lead this latest investment round as Mythic continues to drive the mass adoption of AI in edge devices.”

In addition to strong participation from previous institutional and strategic investors, Mythic also has expanded its growth-stage syndicate with new investors Alumni Ventures Group, UDC Ventures, and others.

Founded in 2012, the company has offices in Redwood City, California and Austin, Texas.

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