AI (artificial intelligence) start-up, Netradyne, that focuses on driver and fleet safety, has raised $21 million in Series B funding led by Mukesh Ambani’s Reliance Industries Ltd and M12, a Microsoft corporate venture arm. Point72 ventures also participated in the fresh round.
Netradyne is emerging as a technology innovator; utilising AI, Machine Learning (ML), and Edge Computing to significantly enhance road and driver safety.
“In a very short period of time, Netradyne has made major strides in commercialising next generation AI in ways that deliver tangible impact to real businesses,” said its founder and CEO Avneesh Agrawal.
Reliance Industries (through its subsidiary RIIHL), participated in the Series A round, where the Bengaluru-based start-up raised about $16 million.
According to a statement from Netradyne, M12 will now hold a role on the board, bringing additional resources and expertise focused on scaling the company.
The funds will be used to expand the team that has created early success for its product, Driver™ , a vision-based driver recognition and fleet safety platform that captures and analyses every minute of every driving experience, providing commercial fleet managers insights into positive driving and identifying opportunities for individual coaching.
Netradyne will also use a chunk of the investments in the application of AI and deep learning in new industry segments such as Dynamic 3D/HD Mapping, Data Analytics and motor insurance.
“Reliance is committed to fostering an ecosystem by investing ahead and in enabling intelligent connectivity solutions for the future of hyper connectivity. The follow-up funding underscores our commitment to Netradyne’s engineering talent, working on cutting edge technologies in the fields of AI and machine learning,” said Mathew Oommen, President Technology, Networks at RJIL, Reliance’s digital communications and services venture.
Samir Kumar, managing director at M12, said, “We’re excited about our investment in Netradyne, an innovative company that we believe has the ability to create a safe new driving standard for commercial vehicles.”