Analog AI startup Mythic has run out of cash

Analog AI startup Mythic has run out of cash

Business news |
By Peter Clarke

Mythic Inc. (Austin, Texas), a 2012 startup that has pioneered analog compute for neural networks and AI, has run out of money.

In a Linkedin post vice president of engineering Tay Garibay said: “Our fantastic team developed a unique new technology, created silicon that delivers best in the industry performance per watt and per dollar, but we ran out of runway with the investors before we could get to revenue.”

Garibay continued: “I am sure that analog compute for AI has a bright future, but now it is time for me to work on something else.”

Garibay and other Mythic employees have posted on the social network that they are “open to work.”

Mythic was founded in 2012 as Isocline Engineer Corp. and in November 2020 announced the M1108, which it claimed was the industry’s first analog matrix processor. With a typical power consumption of 4W while running complex AI models it as implemented in 40nm manufacturing process technology. The device does analog compute in a flash memory array.

Mythic raised $140 million in two rounds of funding in June 2019 and June 2021 (see Mythic doubles down on analog AI with $70 million more) but is competing in a congested space occupied by scores of startups and almost every major logic chip company.

In September AI chip startup Graphcore Ltd. (Bristol, England) said it would be cutting jobs at multiple sites due to the “macroeconomic” situation.

The Mythic website continues to be accessible and it is possible that senior management is trying to negotiate a sale of the technology.

Related links and articles:

Related links and articles:

Mythic doubles down on analog AI with $70 million more

AI ‘unicorn’ Graphcore set to cut jobs

Micron, Lam help raise Mythic’s Series B to $70 million

Industry-first AI analog matrix processor launched

Mythic AI adopts RISC-V core from Codasip

Machine learning chip startup raises $9 million

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