Mythic AI

Thesis

Mythic AI came back from the dead. After running out of cash in November 2022, they restructured and raised a $125M oversubscribed round (December 2025) led by DCVC with NEA, SoftBank KR, and Honda. Their analog processing units claim 750x more tokens per second per watt than NVIDIA GPUs for LLMs. Honda is co-developing a 100x efficient chip for next-gen vehicles, providing both a strategic partner and a clear commercial application. The automotive use case of efficient edge AI processing for autonomous vehicles. Is a massive market that values power efficiency over raw performance. The restructuring and near-death experience is both a risk and a signal. The fact that DCVC, NEA, SoftBank, and Honda deployed $125M into a company that previously ran out of cash suggests the technology has genuine merit. Oversubscription means demand exceeded the round size. However, the near-death experience means the cap table may be complex, existing investors may have been diluted or wiped out, and institutional memory may have been lost. The 750x efficiency claim is extraordinary and needs independent validation.

Catalysts

• +Honda co-developing 100x efficient chip for next-gen vehicles
• +$125M oversubscribed round led by DCVC with NEA, SoftBank KR validates resurrection
• +750x tokens/second/watt claim vs NVIDIA GPUs could be transformative if validated

Risks

• -Previously ran out of cash in November 2022. Execution track record is poor
• -750x efficiency claim is extraordinary and needs independent validation
• -Cap table complexity from restructuring may create governance issues

Common questions