Nayan Tech Nets $2 Mn From BEENEXT, Others To Offer AI solutions For Traffic Monitoring

Nayan Tech, an AI-laden startup offering smart city solutions for traffic monitoring, has raised $2 Mn (around INR 16.7 Cr) in a Pre-Series A funding round led by BEENEXT, along with participation from We Founder Circle, Venture Catalysts, LetsVenture and FAAD Capital.

The startup will use the fresh capital to further bolster its AI and IoT (Internet of Things) solutions in both domestic and overseas markets.

Apart from this, it also aims to address challenges in traffic management, road safety, infrastructure monitoring and driver behaviour monitoring via its AI-powered Dashcam.

Founded in 2018 by Jayant Ratti, Nayan Tech offers AI-powered solutions and real-time insights on road conditions for urban planners, city administrators, and in B2B, B2G and B2C segments.

“Nayan’s AI-powered Dashcams are designed to provide city administrations and businesses with precise, real-time data that can help tackle the most pressing challenges of urban infrastructure, road safety and fleet management. Our technology ensures safer roads, more responsive city management, and optimized traffic flows through smart data utilization,” said Ratti. 

The Delhi-based startup competes against the likes of Nota, Hayden AI and GridMatrix. 

The development comes at a time when generative AI (GenAI) has emerged as the flavour of the season. Building on top of large language models from Google and OpenAI, new-age tech startups are leveraging the emerging technology to build new use cases and cater to customers across various domains. 

This has spawned the rise of more than 100+ GenAI startups that call India home. As a result, the AI space has witnessed renewed interest from investors as these homegrown players have raised more than $600 Mn between 2019 and H1 2024. 

Last month, AI-powered finance operations automation startup Bluecopa raised $1.8 Mn (INR 14.9 Cr) in a Pre-Series A funding round from Blume Ventures, Dallas Venture Capital and Venture Catalysts.

In the same month, adtech startup Crackle Technologies raised $1.7 Mn (around INR 14 Cr) in a pre-seed funding round co-led by We Founder Circle and AC Ventures.