New Delhi, July 15 Netradyne, a leader in Artificial Intelligence (AI) and edge computing focusing on driver and fleet safety, on Thursday announced a $150 million Series C funding led by SoftBank Vision Fund, with participation from the existing investors, Point72 Ventures and M12.
This financing with earlier investments brings Netradyne's total capital raised to over $197 million.
Netradyne will use the new funding to advance its core technology, expand into new geographies and accelerate hiring across R&D, marketing and customer support.
Netradyne provides fleets of all sizes with an advanced video safety camera and fleet performance analytics tracking, as well as driver awareness tools to help reduce risky driving behavior and reward safe driving decision-making.
Powered by AI and edge computing, Netradyne's Driveri is an advanced vision-based driver recognition and fleet safety solution built to reward positive driving behavior, providing a powerful retention tool in an industry challenged by massive labour shortages.
It is the only fleet safety solution to capture the complete driving day with accurate object detection, event causality, and full visibility to what's happening on the road, as opposed to only capturing video after an incident has occurred like legacy platforms.
"We have a history of identifying and backing companies that are developing transformative technologies that contribute to the betterment of humanity," said Nagraj Kashyap, Managing Partner, SoftBank Vision Fund.
"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," Kashyap added.
"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 and India market expansion. We will also utilise the bulk of our funding on hiring top-notch talent in India which accounts for two-thirds of our 300 strong global employee base.
"In addition, we will invest heavily on augmenting research & development, manufacturing, product design and development capabilities in India all in support of furthering our mission to create safer roadways for all," Agrawal added.
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