Mythic Raises $13 Million to Bring Its Next-generation Analog Computing Solution to Market

AUSTIN, Texas ~ Mythic, a pioneering AI processor company with breakthrough analog compute-in-memory technology, has raised $13 million in a new round of funding. The investment was led by existing investors Atreides Management, DCVC, and Lux Capital, as well as new investors Catapult Ventures and Hermann Hauser Investment. Along with the funding, Mythic also announced the appointment of its new CEO Dave Fick, who co-founded the company and previously served as CTO.

The investment will help Mythic bring to market its next-generation M2000 series product, which builds on the legacy of Mythic's M1076 Analog Matrix Processor (Mythic AMP™). This processor is 10X more cost and power-efficient than digital solutions and is already shipping to high-profile customers like Lockheed Martin. It was also the industry's first to achieve 33ms latency on full HD high-accuracy object detectors like YOLOv5 while running in a cost and power envelope suitable for edge systems.

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Dave Fick commented on the investment saying "Mythic's technology is truly one of a kind with our analog computing approach that offers huge leaps in performance and efficiency compared to digital processors, not to mention substantial cost benefits. This new funding will help us accelerate our path forward to help companies to unlock the full potential of edge AI inferencing." He added that "Mythic has already seen strong demand for the M1076, so we're confident that our next-generation processor will be widely adopted in computer vision applications like smart robots, security cameras, drones, and AR headsets. The potential for analog computing is truly limitless."

Rouz Jazayeri from Catapult Ventures said "Despite being prevalent in our daily lives, the vast majority of AI workloads still run on expensive, power hungry processors in the cloud. The future of AI applications will run on the edge and will require high performance, low latency, and low cost compute all in a low power footprint. Mythic's Analog Matrix Processor is strongly positioned to lead this transition and help unlock a whole new set of Edge AI applications thanks to their world class power and cost efficient architecture."

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Chris Moran from Lockheed Martin Ventures added "At Lockheed Martin Ventures we want to take smart risks by investing in advanced computing capabilities that our customers can adopt and expand to outpace complex threats within a rapidly evolving landscape...It is imperative that we continue to work with our customers in identifying their needs and supporting companies that can scale technologies that keep the U.S. and its allies in front of those threats."

Mythic's powerful analog compute architecture can process full-resolution video at the edge – rather than having to send all the information to the cloud – so security cameras and drones can detect threats in real-time. It also allows drones to fly for longer distances at higher altitudes while accurately identifying objects that are smaller or farther away than digital solutions can detect. To date Mythic has raised $178M in funding which it plans on using towards further growing its headcount as it nears production for its M2000 series product later this year.
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