In this paper we study the automaton I 2 , the smallest Mealy automaton of intermediate growth, first considered by the last two authors [I.I. Reznykov, V.I. Sushchansky, The two-state Mealy automata over the two-symbol alphabet of the intermediate growth, Mat. Zametki 72 (2002) 102–117]. We describe the automatic transformation monoid defined by I 2 , give a formula for the generating series for the (ball volume) growth function of I 2 , and give sharp asymptotics for the growth function of I 2 , namely γ I 2 ( n ) ∼ 2 5 / 2 3 3 / 4 π −2 n 1 / 4 exp ( π n / 6 ) , with the ratios of left- to right-hand side tending to 1 as n → ∞ .