India, Feb. 20 -- AI startup Myelin Foundry is raising Rs.48 Cr (around $5.3 Mn) from listed digital services provider ASM Technologies.

In an exchange filing, ASM Technologies said that its board approved the investment proposal to acquire an aggregate 20% stake in the startup. The agreement is expected to be completed in 12 months.

Founded in 2019 by Dr Gopichand Katragadda and Ganesh Suryanarayanan, Myelin Foundry provides AI solutions for edge devices for the media and entertainment and automotive sectors. The startup's solutions offer real-time analytics and insights based on a variety of data, including, audio, video and sensor data.

For context, edge devices are physical devices that collect and process data locally, near where ...