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action or later. Please see Debugging in WordPress for more information. (This message was added in version 6.7.0.) in /home4/scienrds/scienceandnerds/wp-includes/functions.php on line 6114Source:https:\/\/techcrunch.com\/2023\/03\/09\/ai-chip-startup-mythic-rises-from-the-ashes-with-13m-new-ceo\/<\/a><\/br> Mythic<\/a>, an AI chip startup that last November reportedly<\/a> ran out of capital, rose from the ashes today with an unexpected injection of fresh funds.<\/p>\n Mythic this morning announced that it closed a $13 million financing round led by existing investors Atreides Management, DCVC and Lux Capital alongside new investors Catapult Ventures and Hermann Hauser Investment. While the tranche is a fraction of the startup\u2019s previous raise ($70 million), Mythic claims that the tranche will enable it to bring its \u201cnext-generation\u201d product \u2014 an improved energy-efficient AI processor \u2014 to market.<\/p>\n \u201cWhile economic conditions are challenging right now, this new funding will help Mythic focus on its technology offering, go-to-market strategy and customer acquisition,\u201d Dave Fick, Mythic\u2019s newly appointed CEO, told TechCrunch in an email interview.<\/p>\n Co-founded by Fick and Mike Henry at the University of Michigan under the name Isocline, Mythic developed chip tech that stores analog values on flash transistors. While digital processors \u201cpause\u201d to swap data in and out of dedicated memory, Mythic\u2019s hardware can perform calculations in parallel without stopping, leading to performance and efficiency gains, particularly for AI applications \u2014 or so the company claims, at least.<\/p>\n Mythic initially worked on projects for the U.S. Air Force through its Small Business Innovation Research (SBIR) program, focusing on computer vision for high-altitude drones and GPS signal acquisition. Once the contracts wrapped up, the startup decided to pursue the venture capital route, raising over $170 million across multiple rounds from investors, including Hewlett Packard Enterprise and BlackRock.<\/p>\n With its first commercial chip, M1076, Mythic doubled down on computer vision use cases, building a system that can help detect small objects from faraway distances in fewer than 33 milliseconds. It\u2019s perhaps these capabilities that attracted Mythic\u2019s largest customer to date, Lockheed Martin, whose corporate arm, Lockheed Martin Ventures, became a major investor in the startup.<\/p>\n So what went wrong? Well, Mythic was competing in a very crowded field. Dozens of startups were \u2014 and are \u2014 developing chips to run AI efficiently at the edge, including SiMa.ai<\/a>, Axelera<\/a>, Flex Logix<\/a>, NeuReality<\/a>, EnCharge<\/a>, Hailo<\/a>\u00a0and Kneron<\/a>. But funding is drying up. According<\/a> to The Register, global VC equity for semiconductor startups in 2022 declined 46% to $7.8 billion, reflecting increased scrutiny for the capital-intensive firms.<\/p>\n
\nAI chip startup Mythic rises from the ashes with $13M, new CEO<\/br>
\n2023-03-09 21:48:47<\/br><\/p>\n