Reliance-backed AI platform Netradyne secures $65 mn from Silicon Valley Bank
Reliance Industries-backed US and Bengaluru-based artificial intelligence (AI) firm Netradyne, which focuses on driver and fleet safety, said it raised $65 million in a combination of senior and junior mezzanine financing from US-based Silicon Valley Bank.
“The financing will help accelerate Netradyne’s business momentum, further development of its industry leading product suite, and global corporate expansion… With this recent debt financing, Netradyne will expand its international growth to Mexico, and four European countries including France, Germany, Italy, and Spain by early 2023, the company said in a statement.
Last year, Netradyne had raised $150 million ( 1,116 crore) as part of its Series C funding round led by SoftBank Vision Fund. Its others investors include early stage venture capital firm Point72 Ventures and the venture capital arm of tech giant Microsoft, M12.
In 2016, Mukesh Ambani-led Reliance Industries invested $16 million in Netradyne’s Series A round of funding. In 2018, Reliance Industries made a follow-on investment of $8 million. Run and operated by Netradyne Technology India Pvt Ltd, the firm currently operates in the US, India, Canada, 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," said Avneesh Agrawal, co-founder, and CEO of Netradyne.
In the last five years, Netradyne’s Driver•i advanced AI technology has analyzed more than five billion driving miles and over 20 billion minutes. A technology learning equivalent to 38,000 years of training, increasing AI accuracy to 98% in core features, the company statement said. Netradyne collects and analyzes data points and meaningful information to help improve driver behavior and fleet performance through core technologies like positive recognition.
Netradyne has also been making top level executive hiring and promotions 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. The company now has over 500 employees worldwide.
Netradyne was founded in September 2015 by Avneesh Agrawal and David Julian. The company has built Driveri, 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 financing will help accelerate Netradyne’s business momentum, further development of its industry leading product suite, and global corporate expansion… With this recent debt financing, Netradyne will expand its international growth to Mexico, and four European countries including France, Germany, Italy, and Spain by early 2023, the company said in a statement.
Last year, Netradyne had raised $150 million ( 1,116 crore) as part of its Series C funding round led by SoftBank Vision Fund. Its others investors include early stage venture capital firm Point72 Ventures and the venture capital arm of tech giant Microsoft, M12.
In 2016, Mukesh Ambani-led Reliance Industries invested $16 million in Netradyne’s Series A round of funding. In 2018, Reliance Industries made a follow-on investment of $8 million. Run and operated by Netradyne Technology India Pvt Ltd, the firm currently operates in the US, India, Canada, 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," said Avneesh Agrawal, co-founder, and CEO of Netradyne.
In the last five years, Netradyne’s Driver•i advanced AI technology has analyzed more than five billion driving miles and over 20 billion minutes. A technology learning equivalent to 38,000 years of training, increasing AI accuracy to 98% in core features, the company statement said. Netradyne collects and analyzes data points and meaningful information to help improve driver behavior and fleet performance through core technologies like positive recognition.
Netradyne has also been making top level executive hiring and promotions 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. The company now has over 500 employees worldwide.
Netradyne was founded in September 2015 by Avneesh Agrawal and David Julian. The company has built Driveri, 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.
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