Mythic Raises $40M in Lockheed-Backed Funding Round for AI Chip Tech

Mythic Raises $40M in Lockheed-Backed Funding Round for AI Chip Tech - top government contractors - best government contracting eventArtificial intelligence chip developer Mythic has obtained $40 million in series B financing round led by SoftBank Ventures and backed by Lockheed Martin's venture capital arm, Data Collective, Lux Capital, DFJ, AME Cloud Ventures and Andy Bechtolsheim.

Mythic said Wednesday it will use the investment to further develop a compute-in-memory technology designed to deliver the computing capability of a data center to smart machines and embedded devices through a tiny chip.

Chris Moran, vice president and general manager of Lockheed Martin Ventures, said the company plans to leverage Mythic's AI-based chip technology to provide clients with a capability to collect actionable data from “distributed, power constrained systems.”

Mythic announced the appointment of Rene Haas, executive vice president and president of IP product group at Arm, to its board of directors.

The company, which was founded by Mike Henry and Dave Fick in 2012, plans to unveil its initial product samples by the end of 2018 and begin shipments early next year.

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