Netradyne, a Bengaluru based Artificial Intelligence (AI) start-up is backed by the major giants Reliance Industries. It is assumed that the main reason why Reliance backed this start-up is – because it focuses on driver and fleet safety. The start-up said it has raised $65 million financing from the US based Silicon Valley Banks. In total this is third funding from Reliance to Netradyne – earlier in 2016 $16M and 2018 $8M.
Earlier this year, Netradyne had raised $150 million as part of Series C funding round that was led by SoftBank Vision Fund. These financing will help in creating business momentum, plus further development of industry leading product suites. They are also looking to use these funds for global expansion. They’ve announced its international growth to Mexico and four EU countries including France, Italy, Germany and Spain by 2023.
Apart from India, the start-up currently operates in the US, UK, Australia and New Zealand.
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 CEO of Netradyne, Avneesh Agrawal
The start-up is also making top level executive hiring include Durgadutt Nedungadi – VP and General Manager, APAC and Europe; Heather Engen – VP of Customer Success; Pramod Akkarachittor – Vice President of Product Management; Tom Schmitt – Chief Financial Officer; and Michael Campos, Data Protection Officer.
Netradyne’s Driver AI has analysed more than 5 billion driving miles and over 20 billion minutes. A technology learning equivalent to 38000 years of training. Its AI accuracy is 98% to core features – the company said in statement.
Netradyne collects and analyses data points and meaningful information to help improve driver behaviour and fleet performance through core technologies like positive recognition.
About Netradyne
Netradyne was founded in September 2015 by Avneesh Agrawal and David Julian. The company has built Driver-i, a vision-based driver recognition and fleet safety platform that provides commercial fleet managers with insights into positive driving and identifies opportunities for individual coaching.
Agrawal, a Stanford University graduate, was senior vice president of technology and business at chipmaker Qualcomm for over 10 years. He was also president of Qualcomm India & South Asia, responsible for business, sales and marketing operations in the region.
The company now has over 500 employees worldwide.
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