SAN DIEGO — Netradyne, a developer of artificial intelligence (AI) technology in commercial vehicles, has raised $21 million in new Series B funding. M12, Microsoft’s corporate venture arm, led the round. Other investors include Point72 Ventures and Reliance Industries Limited.
“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.”
Founded in 2015, Netradyne has technology innovation centers in both San Diego and Bangalore, India.
“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 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.”