AI-powered road safety platform Netradyne confirms Series B funding of $21M led by Reliance and M12
Netradyne will use the investment to expand the team that has created early success for its product, Driveri, and focus on application of AI and deep learning in different industry segments for 3D/HD mapping.
Netradyne, the artificial intelligence (AI) tech platform with a focus on driver and fleet safety, has raised Series B funding of $21 million. The round was led by RIIHL, a subsidiary of Reliance Industries Limited, along with M12, Microsoft’s corporate venture arm, and Point72 Ventures. Reliance had previously invested $16 million in the Netradyne.
The current round was led by M12, which will hold a board seat in the company. It will also bring additional resources and expertise with a focus on scaling the company.
Mathew Oomen, President, Networks at RJIL, Reliance’s digital communications and services venture said in a press statement, “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.”
Founded in 2016 by ex-Qualcomm colleagues Avneesh Agarwal and David Julian, Netradyne uses AI, Machine Learning (ML), and Edge Computing to significantly enhance road and driver safety. The additional investment will be used to expand the team that has created early success for its product, Driveri.
“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.We look forward to the next chapter in Netradyne’s growth where we extend our value proposition within the commercial fleet industry, while creating new paths into emerging technology segments,” Avneesh says.
Customer momentum
Driveri is a vision-based driver recognition and fleet safety platform that captures and analyses every minute of the driving experience. It also provides commercial fleet managers with insights into positive driving and identifying opportunities for individual coaching. This helps in reducing accidents, helps create awareness around risk, and gives the ability to reward positive driving.
Samir Kumar, Managing Director, M12, said in a press statement, “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.”
With this fund raise, Netradyne will be making an investment in the application of AI and deep learning in different industry segments for 3D/HD mapping, which will provide improved transportation data analytics and autonomous vehicle research and development, data analytics, and insurance.
"The customer momentum Netradyne has generated over the last year speaks volumes about their AI team and the innovative products they continue to develop,” says Sri Chandrasekar, Partner at Point72 Ventures. “We are excited to be a part of the team as they transform the driver safety industry.”