[Funding alert] Netradyne raises $150M in Series C investment led by SoftBank Vision Fund
The round also saw participation from existing investors Point72 Ventures and M12.
the startup that has built AI and edge computing focussed on fleet and driver safety, has raised $150 million in Series C funding led by SoftBank Vision Fund. The round also saw participation from existing investors Point72 Ventures and M12.
The funding will be used to advance its core technology, expand into new geographies and accelerate hiring across R&D, marketing, and customer support. The total funding raised by the mobility startup is now at over $197 million.
Nagraj Kashyap, Managing Partner, SoftBank Investment Advisers said,
“We have a history of identifying and backing companies that are developing transformative technologies that contribute to the betterment of humanity. The technology developed by Netradyne and its advancements are poised to profoundly impact the entire transportation ecosystem by creating safer roads. This advanced vision-based technology improves the commercial driver experience and performance to help reduce transportation-related deaths and injuries on the roadways.”
The platform provides fleets of all sizes with an advanced video safety camera and fleet performance analytics tracking. It also provides driver awareness tools to help reduce risky driving behaviour and reward safe driving practices.
Netradyne's Driveri is an advanced vision-based driver recognition tool that is powered by AI and edge computing. It provides powerful retention tool in an industry challenged by massive labor shortages road, as opposed to only capturing video after an incident has occurred like legacy platforms.
“This investment by SoftBank solidifies our global marketplace leadership position in fleet safety technology,” said Avneesh Agrawal, CEO, Netradyne.
“With this new infusion of capital, we will invest even more deeply into advanced AI technology and accelerate our international expansion - all in support of furthering our mission to create safer roadways for all,” he added.
Since its founding in 2015, Netradyne has successfully grown to reach 1,000+ fleets, across multiple industries, including some of the world’s largest fleets. The company has emerged as one of the leading fleet safety platforms, growing annual recurring revenue by over 300 percent in 2019, and the same in 2020.
Edited by Anju Narayanan