ASM Technologies Invests ₹48 Cr for 20% Stake in AI Startup Myelin Foundry

ASM Technologies Ltd has announced a ₹48 crore investment to acquire a 20% stake in Myelin Foundry, a Bengaluru-based AI startup. The deal, finalized through definitive agreements, establishes a strategic partnership aimed at deploying edge-based artificial intelligence solutions in industrial manufacturing.

• Investment Size: ₹48 crore
• Stake Acquired: 20% in Myelin Foundry
• Focus Areas: Edge AI applications in manufacturing, semiconductor, electronics, solar, and engineering sectors
• Strategic Goal: Enhance real-time operational intelligence and equipment reliability through AI-driven solutions

This move positions ASM Technologies to strengthen its presence in advanced AI-driven industrial solutions, while Myelin Foundry gains capital and strategic support to scale its patented, high-performance AI offerings.

 

Myelin Foundry: Startup Brief

• Founded: 2019
• Founders: Gopichand Katragadda, Ganesh Suryanarayanan, Aditi Olemann
• Core Technology: Multimodal, agentic AI deployed at the edge for real-time, on-device decision making
• Applications: Automotive (connected vehicles), Industrial (smart factory visual inspection, predictive maintenance), Media & Entertainment (video/audio upscaling, contextual intelligence)
• Funding: Raised over $10.7 million from Beyond Next Ventures, Pratithi Investments, and SIDBI Venture Capital
• Team Size: Around 47 employees as of 2026
• Vision: Revolutionize human experiences by embedding AI at the edge, enabling faster, secure, and context-aware decision-making

ASM Technologies Ltd is a publicly listed Indian IT services and engineering company, headquartered in Bengaluru and founded in 1992. It has been listed on the Bombay Stock Exchange since 1994.

In November 2025, ASM Technologies signed ₹760 crore Memorandums of Understanding with the Karnataka and Tamil Nadu governments to expand its Design-Led Manufacturing capacity in the Electronics System Design & Manufacturing (ESDM) sector. This announcement coincided with its Q2 FY26 results, which reported a 171% year-on-year revenue surge.

In February 2026, the company made regulatory and shareholder disclosures under Regulation 30 (LODR), reflecting ongoing capital commitments and strategic positioning in semiconductors and advanced engineering services.

In recent years, ASM has been expanding aggressively into semiconductors, electronics manufacturing, and AI-driven solutions, aligning with India’s push for self-reliance in high-tech industries.

IBM and Andhra Pradesh Govt Collaborate on Indigenous AI Technology Stack

The Government of Andhra Pradesh has announced a major collaboration with IBM, BharatGen, and NxtGen to build a “Swadeshi Sovereign AI Stack”—a framework designed to deliver citizen-centric digital services in regional languages like Telugu.

Key Highlights of the Collaboration

• Sovereign AI Framework: The initiative focuses on creating an AI stack that unifies models, government datasets, institutional data, software platforms, and deployment tools into one cohesive system.
• Citizen-Centric Services: Tailored AI solutions will be developed for governance and service delivery, with emphasis on accessibility in local languages.
• Strategic Inputs: IBM, BharatGen, and NxtGen will provide technical and strategic guidance on design, architecture, and operating models.
• Cultural & Linguistic Context: The stack is intended to strengthen India’s AI capabilities by embedding linguistic diversity and cultural relevance into its foundation.
• Deployment Flexibility: It can run on sovereign cloud platforms or on-premises data centers, ensuring data control and security.

Broader Implications

• Governance: Enhanced transparency and efficiency in public service delivery.
• Innovation Ecosystem: Andhra Pradesh positions itself as a hub for responsible and applied AI, potentially boosting startups and local tech industries.
• Digital Sovereignty: Reduces reliance on foreign AI systems by building indigenous capabilities.

BharatGen

BharatGen is India’s first sovereign generative AI ecosystem, launched to create foundational models that reflect the country’s linguistic and cultural diversity. Its mission is to build large language models (LLMs), speech systems, and computer vision tools that can operate across India’s 22+ official languages. By assembling one of the largest open datasets in the country, BharatGen aims to empower public service delivery, education, and citizen engagement through AI that is truly indigenous. The initiative is positioned as a cornerstone for India’s digital sovereignty, reducing dependence on foreign AI systems and ensuring that governance tools are culturally and linguistically aligned with the population.

NxtGen

NxtGen is a Bengaluru‑based sovereign cloud and AI infrastructure provider, specializing in secure, scalable platforms that operate free from foreign jurisdiction. It runs SpeedCloud® (public cloud) and SpeedCloud Supreme (private cloud), offering enterprises and governments flexible deployment options. Recently, NxtGen established a national‑scale sovereign AI factory powered by NVIDIA Blackwell GPUs and Vertiv’s advanced data center systems, enabling AI training and inference at population scale. Its infrastructure is designed to host and deploy indigenous AI models like those from BharatGen, ensuring that India’s digital future is built on sovereign, secure, and locally controlled technology.

Together, BharatGen and NxtGen complement IBM’s expertise by providing the AI models and the sovereign cloud infrastructure needed to operationalize Andhra Pradesh’s Swadeshi Sovereign AI Stack.

Adani, NMDC & Vale Forge Global Iron Ore Hub at India’s Gangavaram Port

Adani Ports and Special Economic Zone Ltd (APSEZ), through its subsidiary Adani Gangavaram Port Ltd, has signed a strategic Memorandum of Understanding (MoU) with NMDC Ltd and Vale SA to develop an integrated iron ore blending hub and Special Economic Zone (SEZ) at Gangavaram Port.

Key Highlights

• Partnership: APSEZ (Adani), NMDC (India’s largest iron ore producer), and Vale SA (Brazilian mining giant).
• Location: Gangavaram Port, Andhra Pradesh, India.
• Objective: Establish a blending facility and SEZ ecosystem for iron ore value addition, commercialization, and exports.
• Strategic Importance:
  • Enhances India’s East Coast iron ore export capacity.
  • Positions Gangavaram Port as a major hub capable of handling Valemax vessels (the world’s largest bulk carriers).
  • Strengthens India–Brazil trade ties, with the MoU signed during Brazilian President Luiz Inácio Lula da Silva’s visit to India.
• Economic Impact: Expected to boost efficiency, global competitiveness, and create a robust supply chain for iron ore exports.

This move is significant because it integrates India’s domestic iron ore production (via NMDC) with Vale’s global supply, leveraging Adani’s port infrastructure to create a competitive export hub.

This Adani–NMDC–Vale MoU at Gangavaram Port could reshape India’s steel industry and global trade flows in significant ways. For India’s steelmakers, the partnership ensures a stable supply of high-grade ore by blending Vale’s premium output with NMDC’s domestic production. This consistency in quality is vital for efficient steelmaking, helping reduce impurities, lower energy consumption in blast furnaces, and ultimately cut production costs. The creation of a Special Economic Zone around the hub is also expected to attract pellet plants, beneficiation units, and downstream steel processing facilities, strengthening India’s steel value chain.

On the global stage, Gangavaram Port’s ability to handle Valemax vessels—among the largest bulk carriers in the world—positions India as a direct link to Brazil and other international markets. This deepens the India–Brazil trade corridor, diversifies India’s raw material sources beyond traditional suppliers like Australia, and enhances export competitiveness. By blending and re-exporting ore, India could emerge as a hub for global iron ore trade, serving East Asian markets such as China, Japan, and South Korea more efficiently.

Strategically, the move supports India’s ambition to become a global steel powerhouse in line with its National Steel Policy targets. It also expands Adani’s role in commodities logistics, moving beyond port operations into integrated resource management. Most importantly, it builds resilience into supply chains at a time when geopolitical uncertainties and commodity market fluctuations demand stronger, more reliable trade networks.

AMD Guarantees $300M Loan to Startup Crusoe, Expanding AI Data Center Capacity

AMD has agreed to guarantee a $300 million loan arranged by Goldman Sachs for cloud computing startup Crusoe. The financing will allow Crusoe to purchase and deploy AMD’s AI chips in a new data center in Ohio. The loan is secured by AMD’s chips and related equipment, and Crusoe was able to lock in an interest rate of about 6%, which is lower than typical market rates thanks to AMD’s backing. If Crusoe struggles to attract enough customers, AMD has committed to lease back the chips itself, reducing the startup’s risk exposure.

This move is strategically significant. For AMD, it’s a way to push its AI accelerators into the market and compete more directly with Nvidia, which has used similar financing tactics to expand its footprint.

For Crusoe, the guarantee provides capital to scale its data center capacity without bearing the full financial risk. For the broader AI ecosystem, it signals not only the growing demand for specialized chips but also the creative financing models being used to accelerate deployment in an increasingly competitive landscape.

Notably, this is part of a broader trend rather than a one-off. AMD’s $300 million loan guarantee for Crusoe is explicitly described as mirroring Nvidia’s playbook. Nvidia has previously used similar financing strategies to support cloud providers and startups building “GPU rental” services, essentially helping them acquire Nvidia chips while reducing upfront risk. The idea is that by guaranteeing loans or offering leaseback provisions, chipmakers can accelerate adoption of their hardware, even if the startups themselves don’t yet have stable customer demand.

So while AMD’s move with Crusoe is notable, it’s not unprecedented. Nvidia pioneered this approach, and AMD is now adopting it to compete in the AI infrastructure race. The trend reflects how semiconductor companies are evolving from pure hardware suppliers into financial enablers, using guarantees and creative financing to push their chips into data centers faster.

Nvidia has repeatedly supported cloud providers and AI startups by structuring loan guarantees, leasebacks, and vendor financing to help them acquire its GPUs. For example, in 2023 and 2024, Nvidia backed financing deals for smaller cloud companies that wanted to build GPU clusters but lacked the capital to purchase chips outright. These arrangements often included provisions where Nvidia would lease back the hardware if demand fell short, ensuring the startup wasn’t left with stranded assets.

AMD’s $300M guarantee for Crusoe is essentially a competitive response to Nvidia’s strategy. Both companies recognize that AI chips are expensive and scarce, and startups often can’t raise enough capital quickly. By stepping in as guarantors, chipmakers accelerate adoption of their hardware, lock in long-term customers, and expand their footprint in the AI data center market.

So, this is a trend wherein semiconductor companies are increasingly acting not just as suppliers, but as financial enablers. They’re using guarantees, leasebacks, and creative financing to push their chips into data centers faster, especially as competition for AI infrastructure heats up.

Timeline of Chipmaker Loan Guarantees & Financing Deals

Year	Company	Partner/Startup	Deal Structure	Strategic Purpose
2025 (Oct)	Nvidia	OpenAI	Considered guaranteeing part of OpenAI’s loans for data center construction; structured as lease of up to 5M Nvidia chips valued at ~$350B, with Nvidia potentially backstopping debt obligations.	Accelerate OpenAI’s AI infrastructure buildout while securing massive GPU deployment commitments.
2026 (Feb)	Nvidia	Indian VC firms & startups	Partnered with Peak XV, Elevation Capital, Nexus, Accel India, etc., to co-fund AI startups and data centers using Nvidia Blackwell Ultra chips.	Expand Nvidia’s footprint in India’s sovereign AI push and $200B data center investment wave.
2026 (Feb)	AMD	Crusoe	Guaranteed $300M loan arranged by Goldman Sachs, collateralized by AMD AI chips; interest ~6%; leaseback clause where AMD rents chips if Crusoe fails to attract customers.	Push AMD accelerators into data centers, directly competing with Nvidia’s financing tactics.

Key Takeaways

Nvidia pioneered this model: It began offering guarantees and leasebacks to reduce risk for partners like OpenAI, ensuring GPU adoption even when startups lacked upfront capital.

AMD followed suit: Its Crusoe deal is a direct competitive response, showing this is now a trend across chipmakers.

Global expansion: Nvidia is extending the model to India, combining financing with venture capital partnerships to scale AI infrastructure.

Strategic shift: Chipmakers are no longer just hardware suppliers—they’re acting as financial enablers, underwriting risk to accelerate AI ecosystem growth.

TryfactaConnex Signs $7.7B MoU with Uttar Pradesh to Build India’s First Gigawatt-Scale AI Data Center Campus

Representative Image

TryfactaConnex, an affiliate of U.S.-based Tryfacta, Inc., today announced the signing of a Memorandum of Understanding (MoU) with the Government of Uttar Pradesh to launch its India AI infrastructure platform, including an initial investment of approximately $7.7 billion to develop a 1-gigawatt hyperscale AI data center campus. The announcement was made at the AI Impact Summit 2026 in New Delhi.

The project establishes the foundation for a vertically integrated AI infrastructure platform that combines compute capacity and dedicated energy generation, designed for large-scale artificial intelligence workloads. The campus is structured to support hyperscalers, sovereign AI initiatives, enterprise cloud operators, and advanced research institutions requiring high-density compute and long-term energy reliability.

The site benefits from access to grid connectivity, water, fiber networks, and natural gas infrastructure and is planned to incorporate a diversified energy mix including grid power, natural gas generation, solar energy, battery storage, and future nuclear integration. The platform is designed to scale beyond the initial phase toward multi-gigawatt capacity over the coming decade.

“AI infrastructure is rapidly becoming a core national economic asset,” said Adesh Tyagi, Founder and CEO of TryfactaConnex. “Our model integrates power generation and compute capacity into a single platform capable of delivering reliable, baseload energy at scale. India represents one of the most strategic global markets for long-term AI capacity deployment.”

“I would like to thank Prime Minister Narendra Modi and Chief Minister Yogi Adityanath for their leadership in enabling companies like ours to contribute to India’s leadership in both AI and energy,” said Adesh Tyagi, Founder and CEO of TryfactaConnex. “TryfactaConnex is committed to building highly reliable, resilient baseload energy infrastructure through our planned 3-gigawatt grid-integrated gas and nuclear platform. We recognize the strategic importance of this moment and are focused on delivering the power foundation necessary for India to maintain its global AI advantage.”

“What makes our Uttar Pradesh campus one of the premier energy sites in the country is that it has been designed from the outset as a green energy-led platform, enabling the integration of multiple clean power sources at scale,” said Sanjeev Rajoura, Executive Vice President, TryfactaConnex.

TryfactaConnex expects the development to support domestic cloud infrastructure, AI model training, enterprise computing, and public-sector digital platforms while positioning India as a competitive global AI compute hub. The India platform forms part of TryfactaConnex’s broader international roadmap to deploy gigawatt-scale AI infrastructure across multiple global markets.

The company is actively engaging institutional investors, infrastructure funds, strategic technology partners, and energy developers as part of the platform’s phased financing strategy.

About TryfactaConnex

TryfactaConnex is a next-generation AI infrastructure company developing hyperscale data center campuses powered by resilient, gigawatt-scale energy systems designed for advanced artificial intelligence workloads. Its vertically integrated energy architecture combines grid interconnections, natural gas, nuclear, solar generation, and battery storage to deliver highly redundant, always-on power platforms purpose-built for AI computing.