US-headquartered AI-powered fleet safety solution provider Netradyne has secured $90 million in a Series D funding round led by global multi-stage investment firm Point72 Private Investments. Qualcomm Ventures and Pavilion Capital also participated in the round.
The company, which also operates in India, aims to use the capital raised to boost its research & development activities, launch new products and services, and global expansion at a time when the company is eyeing expansion throughout Europe and Japan.
“This funding provides us with the resources to accelerate growth, expand our technology capabilities, and deliver even greater value to our customers worldwide,” Avneesh Agrawal, CEO and co-founder at Netradyne, said in a release.
“With this, we are poised to scale our innovations globally, and continue advancing safety and efficiency across the transportation industry,” he added.
The company’s AI-powered flagship product Driver.I offers ensures driver safety by tracking every minute of drive time and identifying risky and safe driving behaviours through safety alert videos, GPS tracking, and sensors that can detect driver drowsiness. It also offers different kinds of vehicle data, including vehicle maintenance and fuel analysis. Last month, the company roped in India-based inter-city luxury bus transportation provider Hybus to deploy Driver.I technology across its fleet.
Established in 2015 by Avneesh Agrawal and David Julian, Netradyne has over 800 employees and offers solutions including fleet safety, compliance, fleet management, integrations and insurance to its clients across the US, Canada, Mexico, Germany, the UK, Australia, New Zealand, and India. It is headquartered in California, with offices also in San Francisco and Bangalore, India.
Netradyne’s ongoing expansion in Europe and the UK saw the company entering into partnerships with fleet management and vehicle safety companies last year that include Germany-based Roos Fleet Service GMBH and the UK-based Intelex.
The company’s clients are based across different industries that include delivery, field services, food & beverage, concrete, construction, passenger transit, trucking and logistics, oil & gas, wholesale-retail, and waste.
Netradyne expects 81% of the supply-chain professionals to adopt AI platforms this year to mitigate risks and enhance safety. It reckons that AI can improve accuracy, timeliness, and cost-effectiveness, which can address critical issues like accidents leading to product damage in transit and provide more relevant data-driven insights than obsolete systems for better fleet management.
