Netradyne, a Reliance Industries-backed fleet management software provider, has closed a Series D round of funding led by Point72 Private Investments, more than two years after raising mezzanine funding from US-based Silicon Valley Bank.
The company, which has offices in Bengaluru and San Diego, California, has secured $90 million (nearly Rs 780 crore) in the funding round that also saw participation from Qualcomm Ventures and Pavilion Capital.
The latest funding comes more than three years after the AI-based software as a service (SaaS) firm secured $150 million as part of a Series C round of funding. The investment was led by Softbank's Vision Fund in 2021, with the participation of Point72 and Microsoft's venture capital arm, M12.
A year later, Silicon Valley Bank, which is now a part of US-based First Citizens BancShares, helped Netradyne raise $65 million in a combination of senior and junior mezzanine financing.
Netradyne provides a SaaS solution to monitor driver performance and fleet safety, and claims that the software is backed by over 18 billion visual driving miles of data. It provides an assessment of driver performance through its technology to identify driving behaviours.
The capital raised will used to fuel the company’s growth through investments in research and development, enhanced go-to-market investments, and double down on global expansion, the company said in a statement.
"This funding provides us with the resources to accelerate growth, expand our technology capabilities, and deliver even greater value to our customers worldwide," said Avneesh Agrawal, CEO and co-founder at Netradyne.
Since its founding in 2015 by Agrawal and David Julian, Netradyne has grown to reach over 3,000 customers and over 450,000 active subscribers. It has customers across the US, Canada, Mexico, Germany, the UK, Australia, New Zealand, and India. It also seeks to expand its footprint across all of Europe and Japan.
In 2016, Reliance invested $16 million in Netradyne’s Series A round of funding, and made a follow-on investment of $8 million two years later.
