Myelin Foundry reported a 16% decline in revenue for FY24 with earnings dropping to Rs 6.15 crore compared to Rs 7.38 crore in FY23.
Founded in 2019 by Gopichand Katragadda and Ganesh Suryanarayanan, Myelin Foundry is a deep-tech startup developing AI algorithms that process complex unstructured data in real-time at the edge to provide enhanced video and audio experiences.
The Bangalore-based startup has raised Rs 79.44 crore over 6 funding rounds, the latest funding raised in may 2024 from a series B round led by SIDBI Venture Capital. It currently stands at a valuation of Rs 90 crore.
Competing with Actyv.ai and Unicommerce, The majority shares of Myelin Foundry are held by Gopichand Katragadda at 23%. Followed by Endiya Trustee at around 15% and Visteon Corporation at 10%. Ganesh Suryanarayanan and Praithi Investment Trust are other significant shareholders.
Along with the decline in revenue, the expenses of the company increased to Rs 13.19 crore in FY24 from over Rs 9 crore in FY23. Employee benefits expenses formed more than 60% of total expenses. Followed by legal and professional charges along with finance costs.
The company’s losses widened to Rs 7.03 crore in FY24 compared to over Rs 2 crore in FY23.
Myelin Foundry’s current EBITDA margin and ROCE turned further negative at -110.09% and -44.74% respectively.