Reliance Industries-backed artificial intelligence (AI) firm Netradyne, that focuses on driver and fleet safety, on Thursday said it raised $65 million in a combination of senior and junior mezzanine financing from US-based Silicon Valley Bank.
“The financing will help accelerate Netradyne’s business momentum, further development of its industry leading product suite and global corporate expansion. With this debt financing, Netradyne will expand its international growth to Mexico and four European countries, France, Germany, Italy, and Spain by early 2023, the company said in a statement.
Last year, the US and Bengaluru-based company had raised $150 million (Rs 1,116 crore) as part of its Series C funding round led by SoftBank Vision Fund. Netradyne's other investors include early-stage venture capital firm Point72 Ventures and M12, the venture capital arm of tech giant Microsoft.
In 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.
Operated by Netradyne Technology India Pvt. Ltd, the firm currently operates in the US, India, Canada, UK, Australia and New Zealand.
“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 chief executive officer of Netradyne.
In the last five years, Netradyne’s Driver•i advanced AI technology has analyzed more than five billion driving miles and over 20 billion minutes. A technology learning equivalent to 38,000 years of training, increasing AI accuracy to 98% in core features, the company statement said.
Netradyne collects and analyzes data points and meaningful information to help improve driver behaviour and fleet performance through core technologies like positive recognition.
The startup has also been making top level executive hiring and promotions. It recently hired Durgadutt Nedungadi as vice president and general manager of APAC and Europe; Heather Engen - VP of customer success; Pramod Akkarachittor - VP of product management; Tom Schmitt - chief financial officer and Michael Campos, data protection officer.
In addition, the company is now over 500 employees strong worldwide.
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.
Agrawal, a Stanford University graduate, was senior vice president of technology and business at chipmaker Qualcomm for over 10 years. He was also president of Qualcomm India & South Asia, responsible for business, sales and marketing operations in the region.
“Netradyne’s fleet safety and tracking solutions are great examples of the innovative solutions and technologies being developed right here in San Diego. Our goal is to empower Netradyne, and the broader San Diego tech ecosystem, with the right financing, services, and connection to move their businesses forward,” said Eric Otterson, managing director for Silicon Valley Bank.
