The San Diego-based Netradyne Technology, which uses cameras and edge computing to improve commercial driver safety, raised $150 million in Series C funding, led by Softbank Vision Fund and existing investors Point72 Ventures and M12.
Avneesh Agrawal, CEO and co-founder, said that the fresh cash will help the company double down on its current product, Driveri; expand into new geographies and accelerate hiring across research and development, marketing and customer support.
Agrawal said in a statement: “This investment by SoftBank solidifies our global marketplace leadership position in fleet safety technology. 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 use the new funding to progress our core technology, expand into new geographies and accelerate hiring across R&D, marketing, and customer support. We have an exciting road map ahead and can’t wait to share more.
“We will also utilise bulk of our funding on hiring top-notch talent in India which accounts for two-thirds of our 300 strong global employee base.”
Founded in 2015, Netradyne provides fleets of all sizes with an advanced video safety camera and fleet performance analytics tracking, as well as driver awareness tools using artificial intelligence and edge computing to help reduce risky driving behaviour and reward safe driving decision-making.
Netradyne has thus far raised capital of over USD 197 million.
“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 Investment Advisers (Vision Fund).
“The technology developed by Netradyne and its advancements are poised to profoundly impact the entire transportation ecosystem by creating safer roads.”
A company release stated: “This is a significant milestone for the company and follows a stage of hypergrowth, with our business growing annual recurring revenue by over 300% in 2019 and the same in 2020.
“The investment will help push Netradyne into overdrive, and fuel further innovation and growth. We are advancing industry-first product innovations that will not only enable our customers to solve today’s fleet safety challenges, but also gain deeper insights into the data for more informed decision making.
