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In March 2023, Mythic announced a $13 million financing led by existing investors Atreides Management, DCVC and Lux Capital, with Catapult Ventures and Hermann Hauser Investment also participating. The funding followed a late-2022 restructuring and reported cash shortfall; at the same time, co-founder and former CTO Dave Fick became CEO, succeeding Mike Henry. This is a historical account: Mythic later named Taner Ozcelik CEO, and its current team page lists Fick as co-founder and CTO.
Who rescued Mythic with the 2023 financing?
Mythic said in March 2023 that it had raised $13 million. EE Times and TechCrunch reported that the round included the company’s existing investors Atreides Management, DCVC and Lux Capital, alongside Catapult Ventures and Hermann Hauser Investment. EE Times and TechCrunch covered the announcement.
EE Times reported that Mythic had previously raised $165.2 million. That is the publication’s cumulative figure, and should not be combined with other reports that use a different accounting scope.
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Why was the round described as a rescue?
Contemporaneous reporting placed the financing after Mythic restructured and downsized in late 2022 amid a funding shortfall. TechCrunch described the company as running out of runway, citing a post by a former executive. That phrase reflects reporting about the company’s circumstances, not an audited public accounting of its cash position. The $13 million round was intended to fund a renewed effort, but it did not itself establish that Mythic had returned to profitability or secured long-term financial stability.
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Fick told TechCrunch the money would support the company’s technology, go-to-market work and customer acquisition. The report also described a renewed focus on defense, alongside public safety, industrial and consumer markets. Fick framed the financing as an approach other hardware startups might consider as economic conditions changed, particularly companies that had to deliver systems with multiple components beyond their core technology.
Why did Dave Fick become CEO?
Mythic appointed co-founder Dave Fick CEO in March 2023, following Mike Henry’s departure. Fick had been the company’s CTO. The change put a co-founder with technical leadership experience in charge as Mythic sought funding, customers and a commercial path after its restructuring. The public reports establish the succession and the company’s stated priorities; they do not establish that the leadership change or financing achieved those goals.
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What did Mythic make?
Mythic developed processors for edge AI, with its M1076 positioned for computer-vision workloads. Its technical approach was analog compute-in-memory: rather than repeatedly moving data between memory and a conventional processor for calculations, the design used flash transistors to represent analog values and perform matrix operations. This describes the company’s architecture, not an independently validated efficiency advantage.
EE Times reported specifications of 25 TOPS INT8 and 3 watts for the M1076, and described a company-reported 33-millisecond result running YOLOv5. These are reported specifications and a workload-specific company result, not guaranteed performance across models or deployments. The article also said Mythic reported shipping the processor to customers including Lockheed Martin. That supports the existence of reported shipments, but does not show shipment volume, revenue, or broad adoption.
In the March 2023 coverage, Mythic also identified the M2000 as its next-generation processor. The announcement of a planned product generation did not establish a delivery date or demonstrate that it reached customers on schedule.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.What happened to Mythic after the $13 million round?
The CEO role changed again. Mythic announced Taner Ozcelik as CEO on June 27, 2024; the company’s team page currently identifies Ozcelik as Chairman and CEO and Fick as co-founder and CTO. In December 2025, Mythic announced a further $125 million financing. That figure and the round details are company-announced; the announcement’s performance comparisons are not independent testing. The funding milestone does not, by itself, establish revenue, profitability or product adoption.
Rank #4
- ✅Powered by 26 Tera-Operations Per Second (TOPS) Hailo-8 AI Processor. 2.5W typical power consumption
- ✅Scalable, enabling simultaneous processing of multi-streams & multi-models
- ✅Enabling real-time, low latency and high-efficiency AI inferencing on the edge devices
- ✅Supports TensorFlow, TensorFlow Lite, ONNX, Keras, Pytorch frameworks
- ✅Supports Linux and Windows. Supports the temperature range of -40°C to 85°C
Mythic’s newsroom lists later developments, including a Honda collaboration announcement and a Videantis acquisition announcement. These indicate continued corporate activity, but do not quantify commercial results. Public information cited here does not establish current revenue, profitability, shipment volume, or independently validated processor performance.
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Mythic’s financing and leadership timeline
| Date | Financing or company development | Leadership |
|---|---|---|
| Late 2022 | Restructuring and downsizing following a reported funding shortfall, according to contemporaneous coverage. | Mike Henry was CEO before leaving. |
| March 2023 | Mythic announced $13 million from existing investors Atreides Management, DCVC and Lux Capital, plus Catapult Ventures and Hermann Hauser Investment. TechCrunch reported plans to fund technology, go-to-market work and customer acquisition. | Co-founder Dave Fick moved from CTO to CEO, succeeding Henry. |
| June 27, 2024 | Mythic announced a new CEO. | Taner Ozcelik became CEO; the current company team page lists him as Chairman and CEO and Fick as co-founder and CTO. |
| December 17, 2025 | Mythic announced a $125 million financing. | The announcement identified Ozcelik as CEO. |
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