Artificial Intelligence Leader, Netradyne, Raises $21 Million in Series B Funding, Accelerating Artificial Intelligence Innovation and Improving Road and Driver Safety
Funding Will Allow the San Diego and Bangalore-based Company to Make a Sizable Investment in AI and Deep Learning Within the Commercial Vehicle Space and in New Industry Segments
Sep 27, 2018, 13:53 ET
SAN DIEGO, Sept. 27, 2018 /PRNewswire/ -- Netradyne, a leader in artificial intelligence (AI) technology focusing on driver and fleet safety, has announced $21 million in new Series B funding. Investors in this round include Reliance Industries Limited (through its subsidiary RIIHL), who previously invested $16 million during Netradyne's Series A round of funding, M12, Microsoft's corporate venture arm, and Point72 Ventures. M12 led the investment round and will now hold a role on the board, bringing additional resources and expertise focused on scaling the company.
"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," said Mathew Oommen, President Technology, Networks at RJIL, Reliance's digital communications and services venture.
"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," said Samir Kumar, managing director at M12. "Netradyne's Driveri system uses deep learning and computer vision at the edge, enabling rich contextual insights that help fleets establish safe driving practices."
"The customer momentum Netradyne has generated over the last year speaks volumes about their AI team and the innovative products they continue to develop," said Sri Chandrasekar, Partner at Point72 Ventures. " We are excited to be a part of the team as they transform the driver safety industry."
Netradyne is emerging as a technology innovator; utilizing AI, Machine Learning (ML), and Edge Computing to significantly enhance road and driver safety. The additional investment will be utilized to expand the team that has created early success for its product, Driveri™. Driveri™ is a vision-based driver recognition and fleet safety platform that captures and analyzes every minute of every driving experience, providing commercial fleet managers with insights into positive driving and identifying opportunities for individual coaching. The net result is reduced driving incidents, more awareness around risk and ability to reward positive driving; all of which improves driver retention.
The funding underlines the upward trajectory Netradyne has been on over the last year, which includes greatly appreciated growth within the Driveri™ community, stellar additions to the engineering team, continued invention in visual analytics and creative ideation allowing entry into new markets.
With the Series B funding, Netradyne will be making a sizable investment in the application of AI and deep learning in new industry segments, examples include:
- Dynamic 3D/HD Mapping: Provides real-time, crowdsourced, high definition (HD) maps using commercially deployed Driveri™ devices. HD Maps enable improved transportation data analytics and autonomous vehicle research and development.
- Data Analytics: Gives real-time insight into numerous aspects of driving, including road conditions, driver behaviors, unique driving scenarios, seasonal and weather-specific considerations, traffic patterns and concentrated geographic risk areas.
- Insurance: Transforms analyzed data into comprehensive offerings insurance companies can use to underwrite and analyze professional drivers across the country.
"In a very short period of time, Netradyne has made major strides in commercializing next generation AI in ways that deliver tangible impact to real businesses," says Avneesh Agrawal, Netradyne's Founder and CEO. "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."
To learn more about Netradyne, visit www.netradyne.com.
About Netradyne, Inc.
Founded in 2015, Netradyne has technology innovation centers in both San Diego, CA and Bangalore, India where teams are hyper-focused on launching a driver safety platform for Commercial Vehicles. Grounded in the vision of applying Artificial Intelligence for improving fleet safety, Netradyne delivers a holistic view of the driving environment to fleet owners while serving as their driver's advocate. For more information about Driveri™ or to inquire about commercial vehicle safety tools, please visit www.netradyne.com.
About Reliance (Reliance Industries Limited)
Reliance is India's largest private sector company and a diversified business group. The groups business interests span petroleum refining and marketing, petrochemicals, retail, hydrocarbon exploration and production, digital communications and services. The group's digital communications initiative Reliance Jio is ranked No.1 in Fortune's Change the World List, 2018. Visit http://www.ril.com/ to learn more.
About M12
As the corporate venture arm for Microsoft, M12 (formerly Microsoft Ventures) typically invests in enterprise software companies in the Series A through C funding stage. As part of its value-add to portfolio companies, M12 offers unique access to strategic go-to-market resources and relationships globally. Visit https://m12.vc/ to learn more.
About Point72 Ventures
Point72 Ventures is the early-stage venture capital strategy funded exclusively by Steve Cohen and eligible employees of Point72 Asset Management, with offices in Palo Alto, Stamford, Connecticut, and New York. We invest in entrepreneurs who are transforming the economy through advances in financial technology and artificial intelligence. Steve Cohen is the founder and CEO of Point72 Asset Management, which invests in a wide range of asset classes and situations through its businesses: Point72 Asset Management, EverPoint Asset Management, Point72 Ventures, Cohen Private Ventures, and Cubist Systematic Strategies.
SOURCE Netradyne, Inc.