- Netradyne, a leader in artificial intelligence (AI) and edge computing focused on driver and fleet safety, announced it raised $150 million in Series C. These re the details.
Netradyne — a leader in artificial intelligence (AI) and edge computing focused on driver and fleet safety — announced recently that it raised a $150 million Series C funding round led by SoftBank Vision Fund 2 with participation from existing investors Point72 Ventures and M12. And this funding round along with earlier investments, brings Netradyne’s total capital raised to over $197 million. Netradyne plans to use the new funding to advance its core technology, expand into new geographies, and accelerate hiring across R&D, marketing, and customer support.
Netradyne offers 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 with 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 labor shortages.
Driveri’s transformative capabilities set it well ahead of other products in the industry. And 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.
Fleets using Driveri are able to achieve real impacts in safety, productivity and efficiency while achieving cost-savings due to reduced incidents and the critical video recording and data sets for reported events. And some customers have seen up to 82% reduction in insurance claims. Fleets using Driveri experience safety improvements immediately upon deployment and many have reported building a culture of safety within their fleets as shown by an average of 90% improvement in complying with STOP signs and 60% improvement in distracted driving, and 76% improvement in following distance. This data showed how a fleet safety solution with built-in positive recognition can effectively coach drivers to become aware of ways they can improve, resulting in highly motivated and productive drivers.
Since being founded in 2015, Netradyne has successfully grown to reach over 1,000 fleets, across multiple industries, including some of the world’s largest fleets. And the company has emerged as one of the leading fleet safety platforms, growing annual recurring revenue by over 300% in 2019 and the same in 2020.
KEY QUOTES:
“We believe Netradyne is an industry leader who is poised to profoundly impact the entire transportation ecosystem by creating safer roads. Through its advanced vision-based technology, Netradyne is helping to improve the commercial driver experience and performance to help reduce transportation-related deaths and injuries on the roadways. We are pleased to partner with Avneesh and the Netradyne team as they harness the power of computer vision and edge computing to revolutionize modern-day transportation.”
— Nagraj Kashyap, Managing Partner at SoftBank Investment Advisers
“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 expansion – all in support of furthering our mission to create safer roadways for all.”
— Avneesh Agrawal, CEO, Netradyne
