AI and edge computing driver fleet safety company Netradyne today announced a $150 Mn, Series C funding led by SoftBank Vision Fund, with participation from existing investors Point72 Ventures and M12. This financing with earlier investments brings Netradyne’s total capital raised to over $197 Mn.
The company will use the new funding to advance its core technology, expand into new geographies and accelerate hiring across R&D, marketing, and customer support.
Founded by Avnish Agrawal and David Julian in 2015, Netradyne provides fleets of all sizes with features such as video safety camera and fleet performance analytics tracking, as well as driver awareness tools to help reduce risky driving behavior and reward safe driving decision-making. Powered by AI and edge computing, Netradyne’s Driveri is a vision-based driver recognition and fleet safety solution built to reward positive driving behavior.
“The technology developed by Netradyne and its advancements are poised to profoundly impact the entire transportation ecosystem by creating safer roads. This advanced vision-based technology improves the commercial driver experience and performance to help reduce transportation-related deaths and injuries on the roadways,” said Nagraj Kaskyap, managing partner, SoftBank Investment Advisers.
“This investment by SoftBank solidifies our global marketplace leadership position in fleet safety technology,” said Avneesh Agrawal, chief executive officer, Netradyne. “With this new infusion of capital, we will invest even more deeply into advanced AI technology and accelerate our international and India market expansion. We will also utilize the bulk of our funding on hiring top-notch talent in India which accounts for two-thirds of our 300 strong global employee base. In addition, we will invest heavily on augmenting Research & Development, Manufacturing, Product Design and Development capabilities in India – all in support of furthering our mission to create safer roadways for all,” he added.
Netradyne claims that it has grown to reach 1,000+ fleets, across multiple industries, and has grown its annual recurring revenue by over 300% in 2019 and the same in 2020.
India’s first step to achieving this long term vision is to harness the power of research & development (R&D) in domains of AI, IoT and Computer Vision, among others. NITI Aayog, India’s planning body, has laid out a ‘two-tiered’ strategy for our country’s AI vision. This consists of 30 policy recommendations. There is a two-fold focus on improving AI-based research. The first is to achieve maximum economic potential via technological diligence. The second is to examine the social applications of AI in sectors such as healthcare, agriculture, and education. The goal is also to attract foreign and angel investment in the Indian AI startup ecosystem.