ASM Technologies Ltd announced that it has signed definitive agreements to invest approximately INR 480 million to acquire an aggregate 20 percent stake in Myelin Foundry Private Limited. The strategic investment is part of a partnership to deploy patented, high-performance artificial intelligence (AI) solutions across ASM’s engineering design-led manufacturing portfolio.
According to a press release issued by ASM Technologies Ltd, the collaboration will integrate Myelin Foundry’s edge-first AI stack, specialising in predictive intelligence and multimodal analytics, directly into ASM’s global design-led manufacturing operations. The initiative is intended to address evolving industry requirements across semiconductor, electronics, solar and engineering sectors, where real-time operational intelligence and equipment reliability are increasingly critical.
Founded in January 2019 and headquartered in Bengaluru, Myelin Foundry develops artificial intelligence algorithms for video, voice and sensor data that run directly on edge devices rather than the cloud. In May 2024, the company raised USD 4 million in a Series A round led by SIDBI Venture Capital, following a USD 3 million Series A round in 2023 led by Visteon Corporation. Earlier investors include Beyond Next Ventures and Pratithi Investments. Its offerings are grouped under three Fovea suites: Fovea STREAM for media applications, Fovea AUTO for advanced driver assistance systems (ADAS), and Fovea EDGE for industrial inspection and predictive maintenance.
The partnership focuses on Edge AI, which processes complex data directly on machines rather than in centralised data centres. The rollout will include predictive maintenance to move from reactive repairs to data-driven forecasting aimed at eliminating unplanned downtime, multimodal analytics combining data from sensors, vision and acoustics, AI-augmented operations providing real-time assistance to operators, and optimisation of energy consumption and resource allocation through autonomous system adjustments.
“ASM has been progressively integrating AI across our engineering design-led manufacturing and automation solutions. This strategic investment in Myelin Foundry strengthens our technology foundation by adding advanced edge-based AI capabilities,” said Rabindra Srikantan, Managing Director, ASM Technologies Ltd. He added, “The collaboration will enable us to deliver intelligent capital equipment for semiconductor, electronics, solar and engineering ecosystems as they move towards smarter manufacturing environments that enhance yield, through put, equipment reliability with predictive real time intelligence.”
“Industrial AI must operate reliably in real production settings where decisions are made in real time. The investment from ASM Technologies allows us to scale our multimodal AI platforms across global manufacturing ecosystems and demonstrate the impact of edge intelligence at the machine level,” said Gopichand Katragadda, Founder and Chief Executive Officer, Myelin Foundry.
Gopichand Katragadda previously served as Group Chief Technology Officer at Tata Sons and as Chairman and Managing Director of the GE India Technology Centre. He holds a doctorate in electrical engineering and has published over 30 journal papers.
ASM Technologies Limited is a publicly listed company in India with more than three decades of experience in engineering design-led manufacturing and multiple delivery locations in India, along with a presence in the United States, Vietnam, the United Kingdom, Singapore, Japan, Canada and Mexico. Myelin Foundry Private Limited is a deep-technology AI company focused on edge-native artificial intelligence platforms for industrial, automotive and media sectors.
