Fleet safety startup Netradyne raises $65M in funding from Silicon Valley Bank
On Thursday the US and Bengaluru-based artificial intelligence (AI) firm Netradyne, which focuses on driver and fleet safety, said it raised $65 million in a combination of senior and junior mezzanine financing from US-based Silicon Valley Bank.
In the previous year, Netradyne had raised $150 million ( ₹1,116 crore) as part of its Series C funding round led by SoftBank Vision Fund. In the year 2016, Mukesh Ambani-led Reliance Industries invested $16 million in Netradyne’s Series A round of funding. In 2018, Reliance Industries made a follow-on investment of $8 million.
“The financing will help accelerate Netradyne’s business momentum, further development of its industry leading product suite, and global corporate expansion. With this recent debt financing, Netradyne will expand its international growth to Mexico, and four European countries including France, Germany, Italy, and Spain by early 2023”, the company said in a statement.
“After five years in business we have set some unprecedented market leading best practices, and this round of funding from SVB will help propel us forward,” said Avneesh Agrawal, co-founder, and CEO of Netradyne.
Netradyne collects and analyzes data points and meaningful information to help improve driver behavior and fleet performance through core technologies like positive recognition.
Netradyne was founded in September 2015 by Avneesh Agrawal and David Julian. The company has built Driveri, a vision-based driver recognition and fleet safety platform that provides commercial fleet managers with insights into positive driving and identifies opportunities for individual coaching and it has raised a total of $207Million funds
NetraDyne offers AI and Cloud-enabled driver safety monitoring solutions. It offers solutions like Driveri fleet safety which is a camera-based real-time driver monitoring solution. The system captures and analyzes driver behavior and provides alerts for distracted driving, over-speeding notifications, etc. It uses AI, onboard sensors, and computing algorithms to detect and determine the causality of events. Also, it offers automated driver coaching workflows and reviews the system.
Netradyne seems to be a fascinating startup with a motivating turn of events on IT services and IT consulting platform. My best wishes to the entire team. This will give them a huge accomplishment in the future.Shishir Gupta, Founder and CEO, StartupLanes
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