Thu. Mar 28th, 2024

San Diego and Bengaluru-based AI startup focused on driver and fleet safety Netradyne, has raised around ₹152 crores ($21 million) in series B funding.

The round was led by M12, Microsoft‘s corporate venture arm, along with participation from Reliance Industries Limited and Point72 Ventures.

Post investment, M12 will join the startup board, bringing resource and expertise, in order to help scale the startup.

Earlier, it was reported that Mukesh Ambani-led Reliance Industries had invested around ₹58 crores ($8 million) for a 37.4% stake in the startup. Reliance Industries had previously invested $16 million in June 2016.

The funds raised will be used to invest in applications of AI and deep learning in new industry segments like Dynamic 3D/HD Mapping, Data Analytics, and Insurance. A part of the investment will also be used to expand the team that created the early success of Netradyne’s flagship product Driveri.

Netradyne was founded by Avneesh Agrawal and David Julian in September 2016. It leverages artificial intelligence, deep learning, along with IoT capabilities, to deliver comprehensive solutions for various domains like fleet management, automotive, security, and surveillance.

Driveri is a vision-based driver recognition and fleet safety platform that captures and analyzes every minute of every driving experience, providing commercial fleet managers with insights into positive driving and identifying opportunities for individual coaching.

Talking about the investment, 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. Netradyne’s Driveri system uses deep learning and computer vision at the edge, enabling rich contextual insights that help fleets establish safe driving practices.”

Other Indian players in the artificial intelligence domain include Active.ai, SigTuple, Niki.ai, Staqu, Intello Labs, Playment, Uncanny Vision, and Unbxd, among many others.

By Varun

Startups | Books | Ideas

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