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| Edited By: DNA Web Team |Source: DNA Web Desk |Updated: Sep 09, 2022, 08:06 AM IST
Netradyne, an artificial intelligence (AI) that focuses on driver and fleet safety, has secured $65 million (around Rs 518 crore) in a combination of senior and junior mezzanine financing from US-based Silicon Valley Bank, on thursday.
Officials said that the funding will support Netradyne's global corporate expansion, continued industry-leading product development, and commercial growth. With this debt financing, Netradyne can expand its international growth to Mexico and four European countries, France, Germany, Italy, and Spain by early 2023.
The company is growing faster than the industry average for SaaS-based companies. AI has advanced thanks to Netradyne's Driver I in just five years. More than 20 billion minutes and 5 billion miles of driving have been studied by technology. AI is improved by technology learning the equivalent of 38,000 years of training. accuracy in core features up to 98%.
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, last year. Other investors in Netradyne include Microsoft's venture capital subsidiary M12 and early-stage venture capital firm Point72 Ventures.
Mukesh Ambani-led Reliance Industries invested $16 million in Netradyne’s Series A round of funding in 2016 and 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.
Avneesh Agrawal, co-founder, and CEO of Netradyne said, “Our continued momentum is a testament to Netradyne’s focus on helping fleets succeed with industry leading safety technology. 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.”
The company's main objective is to offer a scientific way to increase traffic safety, which will then assist fleets in reducing accidents, raising safety ratings, paying less for insurance, and improving driver retention.
