Netradyne, a startup that uses AI and data to provide fleet safety solutions, has raised $65m in debt financing from Silicon Valley Bank.
Netradyne leverages AI and edge computing with the aim of revolutionising the modern day transportation ecosystem. The company, through its technologies, works to improve driver behaviour and fleet performance.
The company said the funding will help accelerate its business momentum, further develop its product suite and fuel global corporate expansion.
Netradyne recently teamed up with Munich Re to provide its Driver•I technology within Munich Re’s Smart Mobility Program.
Powered by AI and edge computing, Netradyne’s Driver•i is a fleet safety camera platform built to reinforce good driving behaviour. It provides actionable data to automatically coach and improve safety performance across a fleet. The system can assess speed, traffic sign compliance, following distance, aggressive driving, distracted driving, and more.
Netradyne said the platform has analysed more than 5 billion dirving miles and analysed over 20 billion minutes.
Avneesh Agrawal, co-founder, and CEO of Netradyne, said, “Our continued momentum is a testament to Netradyne’s focus on helping fleets succeed with industry-leading safety technology.
“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.â€
Eric Otterson, managing director for Silicon Valley Bank in San Diego, added, “It has been a pleasure to work closely with Avneesh and the Netradyne team over the past several years to support their continued growth and expansion. 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.â€
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