AI startup Mythic raises $40M to turn any device into a smart one

Mythic, an AI startup developing technology to make any device an intelligent system, announced on Tuesday that it has secured $40 million in funding.

SoftBank Ventures led the Series B with participation from existing investors DFJ, Lux Capital, Data Collective and AME Cloud Ventures. Mythic also welcomed two new investors this round, with funding from Lockheed Martin Ventures and German electrical engineer, investor and self-made billionaire Andy Bechtolsheim.

Launched in 2012, Mythic is building silicon chips the size of a dime loaded with processing power and software as strong as what’s found in a computer. These chips can be added to nearly any device, including fitness bands, hearing aids and self-driving cars, making them a connected and secure personal assistant. The computing kicks in when needed and fades away when not in use, preserving battery and energy.

“The world will be very different 10 years from now,” said Michael Henry, co-founder and CEO of Mythic, in a statement. “Mythic will play a major role in the machines, devices and electronics that make that difference.”

The company is split between Redwood City, CA, and in Austin, with a local team spearheading the hardware development. The funding will be used to continue expanding both teams and toward a product sample release slated for the end of 2018.

Henry and Dave Fick co-founded Mythic at the University of Michigan’s Integrated Circuits Lab. The two electrical engineers combined analog, digital and flash memory into one chip, breaking ground on a new design concept that the electrical engineering world had not yet seen.

To date, Mythic has raised more than $55 million in funding, and most recently raised a $9 million Series A in March of last year.

“We have entered an era in which data is a strategic asset,” said Chris Moran, VP and general manager of Lockheed Martin Ventures, in a statement. “Mythic’s game-changing technology will allow us to provide our customers with the unmatched ability to obtain timely, actionable information from distributed, power constrained systems.”

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