Fleet Safety Startup Netradyne Raises $65 Million In Funding
Netradyne, the US and Bengaluru-based SaaS startup that focuses on driver and fleet safety, has raised $65 million in a combination of senior and junior mezzanine financing from Silicon Valley Bank (SVB).
As per the startup, the raised funds will help accelerate Netradyne’s business momentum, further aid the development of its product suite, and help with global corporate expansion.
Netradyne | Positively Improving Fleet Safety
Founded by Avneesh Agrawal and David Julian in September 2015, Netradyne uses AI and edge computing to focus on driver and fleet safety. The startup collects and analyzes data points and meaningful information to help improve driver behaviour and fleet performance through core technologies like positive recognition.
Speaking about the development, Avneesh Agrawal, Co-founder and CEO of Netradyne, said,
“After five years in business, we have set some unprecedented market leading best practices, and this round of funding from SVB will help propel us forward.”
Netradyne is revolutionizing fleet safety with advanced AI fleet dash cams for commercial vehicles. In the last five years, Netradyne’s Driveri, a vision-based driver recognition and fleet safety platform, has analyzed more than five billion driving miles and over 20 billion minutes.
Currently, the startup operates in the US, India, Canada, the UK, Australia, and New Zealand. And with the recent debt financing, Netradyne plans to expand its international growth to Mexico, and four European countries, including Germany, Italy, France, and Spain, by early 2023.
Commenting on the development, Eric Otterson, Managing Director for Silicon Valley Bank in San Diego, said,
“Netradyne’s fleet safety and tracking solutions are great examples of the innovative solutions and technologies being developed right here in San Diego. Our goal is to empower Netradyne and the broader San Diego tech ecosystem with the right financing, services, and connection to move their businesses forward.”