Austin-based Mythic announced Tuesday the company raised $70 million to accelerate production and hire additional employees. This Series C round brings Mythic’s total funding to $165.2 million.
Founded in 2012, Mythic’s hardware and software platform aims to make it easier and more affordable for companies to use AI for drones, video surveillance, smart cities, manufacturing, smart homes, augmented reality and virtual reality.
“Customers are finding that powerful AI leads to significant differentiation of their products, and our cost-effective solution lets them deploy AI at an unprecedented scale,” Mike Henry, CEO and co-founder of Mythic, said in a statement. “[The funding allows] us to massively scale up the production of our solutions, invest in our technology roadmap and better serve the needs of our current and future customers across many different verticals.”
Mythic currently serves customers in the U.S., Europe and the Asia-Pacific region with plans to expand into more regions.
In addition to this funding round, Mythic is actively hiring 36 people for various positions ranging from a technical recruiter to a senior test engineer. The company currently has more than 115 employees across its offices in Austin and Redwood City, California.
The Series C round included participation from BlackRock, Hewlett Packard Enterprise, Alumni Ventures Group and UDC Ventures. Other funding rounds included participation from Valor Equity Partners and SoftBank Ventures.
Mythic was co-founded by Henry and Dave Fick at the University of Michigan’s Integrated Circuits Lab. The two electrical engineers combined digital, analog and flash memory into one chip. At the time, this was a groundbreaking design concept for the electrical engineering world.