Fleet security firm Netradyne raises $ 150 million
- Netradyne, a leader in artificial intelligence (AI) and advanced computing focused on driver and fleet safety, has announced that it has raised $ 150 million in Series C. Here are the details.
Netradyne – a leader in artificial intelligence (AI) and advanced computing focused on driver and fleet safety – recently announced that it has 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 previous investments, brings Netradyne’s total raised capital to over $ 197 million. Netradyne plans to use the new funding to advance its core technology, expand into new geographies and accelerate recruitment in the areas of R&D, marketing and customer support.
Netradyne offers fleets of all sizes with an advanced video security camera and analytical fleet performance tracking as well as driver awareness tools to help reduce risky driving behaviors and reward decision making in safe driving. Powered by artificial intelligence and advanced computing, Netradyne’s Driveri is an advanced vision-based driver recognition and fleet safety solution designed to reward positive driving behaviors, delivering a powerful retention tool. in a sector facing massive labor shortages.
Driveri’s processing capabilities place it well ahead of other products in the industry. And it’s the only fleet safety solution that captures the full day of driving with precise object detection, event causation, and full visibility into what’s happening on the road, as opposed to just video capture afterwards. that an incident has occurred like the traditional platforms.
Fleets using Driveri are able to have a real impact on safety, productivity and efficiency while realizing cost savings through incident reduction and critical video recording and datasets for reported events . And some customers have seen up to 82% reduction in insurance claims. Fleets using Driveri benefit from safety improvements as soon as they are deployed and many of them said they have established a safety culture within their fleet, as shown by an average improvement of 90% in compliance with STOP signs and 60% improvement in distracted driving and 76% improvement in distance traveled. . This data has shown how a fleet safety solution with built-in positive recognition can effectively coach drivers to become aware of ways in which they can improve, resulting in highly motivated and productive drivers.
Since its inception in 2015, Netradyne has successfully grown to reach over 1,000 fleets, in several sectors, including some of the largest fleets in the world. And the company has established itself as one of the leading fleet security platforms, increasing its annual recurring revenue by over 300% in 2019 and similarly in 2020.
“We believe Netradyne is an industry leader that is poised to have a profound impact on the entire transportation ecosystem by creating safer roads. With its advanced vision-based technology, Netradyne helps improve the experience and performance of commercial drivers to reduce road transport-related fatalities and injuries. We are excited to partner with Avneesh and the Netradyne team as they harness the power of computer vision and advanced computing to revolutionize modern transportation.
– Nagraj Kashyap, Managing Partner at SoftBank Investment Advisers
“This SoftBank investment solidifies our leadership position in the global fleet security technology market. With this new injection of capital, we will invest even more deeply in advanced AI technology and accelerate our international expansion, all in support of our continued mission to create safer roads for all. “
– Avneesh Agrawal, CEO, Netradyne