Texas-based Mythic, a company that produces AI processors with analog compute-in-memory technology, raised $13 million in a funding round. With this latest investment, the total amount of funding raised by the company to date has reached $178 million. Catapult Ventures and Hermann Hauser Investment, both new investors in Mythic, participated in the recent funding round alongside existing investors Atreides Management, DCVC, and Lux Capital. As well, Mythic has appointed Dave Fick as its new CEO. Fick, who previously served as Mythic's CTO, is one of the company's co-founders.
Mythic will use the funding to launch its M2000 series, the company's next-generation product following the M1076 Analog Matrix Processor. With 10 times the cost and power efficiency of digital solutions, the M1076 has already been shipped to companies like Lockheed Martin. Additionally, Mythic's M1076 achieved 33ms latency on high-accuracy HD object detectors like YOLOv5 while running in a cost and power envelope suitable for edge systems. By 2024, Mythic intends to grow its team as the M2000 series approaches production.
Mythic was established in 2012 by Dave Fick and Mike Henry, and it has developed a hardware and software platform that integrates the Mythic Analog Compute Engine, which provides unparalleled power, cost, and performance, shattering digital barriers that have traditionally hindered AI innovation at the edge. Through Mythic Analog Matrix Processors, the company is enabling AI solutions to be more affordable and simpler to deploy. In real-time, security cameras and drones can detect threats by using Mythic's analog compute architecture.
“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,” outlines the co-founder, and CEO at Mythic, Dave Fick. “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.”
