On Thursday , the US and Bengaluru-based artificial Intelligence (AI) company Netradyne which is focused on fleet and driver safety, announced that it has acquired $65 million through the form of junior and senior mezzanine finance from the Silicon Valley Bank, a US-based bank. Silicon Valley Bank.
In the year prior, Netradyne had raised $150 million ( 1,116 crore) in its Series C financing round that was led by SoftBank Vision Fund. In 2016 Mukesh Ambani’s Reliance Industries invested $16 million in Netradyne’s series A round of financing. In the year 2018, Reliance Industries made a subsequent funding of $8.5 million.
“The funding will assist in increasing Netradyne’s momentum in business, as well as the development of its leading range of products, as well as its global expansion of the company. Through this loan, Netradyne will expand its international expansion to Mexico and four European countries that include France, Germany, Italy and Spain in the early 2023 timeframe” Netradyne said in the 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, CEO and co-founder of Netradyne.
Netradyne analyzes and collects data points and other relevant information to aid in improving the performance of fleets and drivers with core technologies, such as positive recognition.
Netradyne was established in September of 2015 in September 2015 by Avneesh Agrawal along with David Julian. The company has developed Driveri an innovative vision-based driver recognition and security platform that provides corporate fleet directors with information into the positive aspects of driving and the opportunities to coach individuals. it has raised $207 million dollars in funding.
NetraDyne provides AI and Cloud-based driver safety monitoring solutions. It offers solutions such as Driveri fleet safety that is a camera-based , real-time driver monitoring system. The system monitors and analyzes driver behaviour and alerts drivers of drivers who are distracted, speeding alerts as well as other. It makes use of AI and onboard sensors and algorithms for computing to recognize and establish the causality of the incidents. Additionally, it provides automated processes for driver coaching and also reviews the system.