Analog artificial chip startup Mythic raises $70M in latest funding round

In a statement, Mythic, a startup which makes artificial intelligence chips for use in gadgets such as smart home devices or security cameras said, it has raised $70 million in its latest funding round.

Redwood City, California-based Mythic uses analog technology for its chips rather than digital; While digital chips process and store data in 1s and 0s, analog chips can process wave forms such as speech or video; they are used to digitize speech and video into 1s and 0s.

“What it really does is allows us to get essentially GPU levels of performance — those big book sized cards burning one hundred watts and costing $4,000 dollars,” said Mike Henry, co-founder and CEO of Mythic.”With analog compute, we could get that same compute power in a small, low power, low cost chip. Something that can go into really any device out there”.

With an explosion of gadgets which have sensors to collect numerous data in our daily life, the amount of data collection has risen to such an extent that to process this huge tract of data, new computing power and more efficient algorithms are required; this has given rise to AI chip startups.

So far Mythic has raised a total of $165.2 million and the latest funding round will help it accelerate its plans for mass production, develop next generation processors and build up software that works with the chips.

The company is currently testing its products with potential customers.

“The Mythic chip can process the data, such as video, locally and just send key information back to the data center for use if needed,” said Henry.

Mythic’s latest funding round was led by Hewlett Packard Enterprise and private equity firm BlackRock.

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