Mythic, an Austin-based microchip maker, announced Tuesday that it has received $40 million in venture funding.

The company, which also has an office in Redwood City, Calif., closed on its Series B funding led by SoftBank Ventures.

Mythic, which was once known as Isocline, has raised $55.2 million to date, according to its Crunchbase profile.

Mythic is making an artificial intelligence chip that will serve as the brain of a everything from smartwatches to smart vehicles. The company’s unique chip design “performs computation inside memory cells – using analog currents and flash memory to perform the arithmetic of AI inference on a massive scale” which leads to faster and better computer performance. Its chips will bring the “computer power of a datacenter” to robots, cars, phones, droves and more without going to the cloud, according to the company. Mythic claims its chips will be 100 times faster and require 100 times less power than existing chips. It expects to manufacture the chips later this year and to begin shipping its chips next year.

Mythic’s latest financing includes a strategic investment from Lockheed Martin Ventures, the venture capital arm of Lockheed Martin.

“We have entered an era in which data is a strategic asset,” Chris Moran, vice president and general manager of Lockheed Martin Ventures, said in a statement. “Mythic’s game-changing technology will allow us to provide our customers with the unmatched ability to obtain timely, actionable information from distributed, power constrained systems.”

Mythic traces its roots to 2012 and the Michigan Integrated Circuits Lab at the University of Michigan. Its cofounders are Mike Henry and Dave Rick, who specialize in AI computational science.

“The world will be very different 10 years from now,” Henry, co-founder and CEO of Mythic said in a statement. “And Mythic will play a major role in the machines, devices, and electronics that make that difference. We are excited to have SoftBank join as an investor. They are committed to building the future vision of AI, robotics, autonomous, and machines that can see and interact with the world. We fill a missing piece in their vision: incredibly powerful compute at the edge that is cost-efficient and low power enough to run on batteries.”