AI chip start-up Mythic has closed a $13 million (£10.5m) financing round and appointed a new CEO after reportedly running out of capital last November.
The seeming turnaround was supported by existing investors Atreides Management, DCVC, and Lux Capital, as well as through new buy-ins from Catapult Ventures and Hermann Hauser Investment.
Mythic builds AI processors that it says use compute-in-memory technology for a more powerful and efficient solution than competitors.
Although the new funds are a fraction of the company’s previous raise of $70 million (£57m) in 2021, the company claims they will help support the development and production of its new AI processor series, the M2000.
Alongside the fresh capital Mythic has named Dave Fick, co-founder and former CTO of the company, as its new CEO.
Fick plans to shift the company’s focus towards more capital-efficient investments and developing new technologies with a downsized team.
When the 2024 launch of the M2000 chipsets edges closer, Mythic will look to expand accordingly.
“This new funding will help us accelerate our path forward to help companies to unlock the full potential of edge AI inferencing,” Fick said.
“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.”
Mythic’s first commercial chip, the M1076, won the attention of several major technology companies when it launched in 2021.
Perhaps its biggest adopter was aerospace and defence firm Lockheed Martin, who invested in Mythic in a Series B round before the pandemic.
The M1076 made use of computer vision and was able to detect small objects from faraway in under 33 milliseconds.
Chris Moran, vice president and general manager of Lockheed Martin Ventures, commenting on the latest round: “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.”
“As geopolitical tensions continue to rise, 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 US and its allies in front of those threats.”
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