Led by existing backer Point72 Private Investments, the funding round also saw participation from Qualcomm Ventures and Pavilion Capital
Netradyne plans to utilise the fresh proceeds for strategic R&D, GTM investments, and for aggressive global expansion
Founded in 2015, Netradyne offers AI-powered fleet safety and video telematics solutions to improve driver safety
SoftBank-backed deeptech startup NetraDyne
has raised $90 Mn in its Series D funding round, led by existing backer Point72 Private Investments
The round also saw participation from Qualcomm Ventures and Pavilion Capital.
In a statement, Netradyne said it plans to utilise the fresh capital to accelerate its growth trajectory through strategic investments in research and development (R&D) and go-to-market (GTM) strategies. A part of the capital will also be utilised for “aggressive” global expansion.
Founded in 2015 by Avneesh Agrawal and David Julian, Netradyne offers AI-powered fleet safety and video telematics solutions. It sells AI-enabled dashcams that process vehicle data and video to improve driver safety. Netradyne also leverages edge computing to send real-time notifications to drivers if they are distracted or driving dangerously.
The startup claims to have so far analysed 18 Bn driving miles and catered to fleet owners in countries across the US, Canada, Mexico, Germany, Australia, India, among others.
“The successful completion of our Series D funding round is a significant milestone for Netradyne… This funding provides us with the resources to accelerate growth, expand our technology capabilities, and deliver even greater value to our customers worldwide…,” said Netradyne cofounder and CEO Agrawal.
Commenting on the fundraise, Sri Chandrasekar, managing partner at Point72 Private Investments, said, “… Since our initial investment in 2018, we’ve witnessed Netradyne’s impressive growth… We are excited to continue our partnership with Avneesh and the Netradyne team as they advance their mission to transform the global transportation industry.”
Netradyne currently claims to cater over 3,000 customers globally, including IndianOil Skytanking, GreenLine Mobility, Writer Safeguard, among others. It has over 4.5 Lakh active subscribers spanning sectors such as online retail, oil and gas, transportation, utilities, among others.
The deeptech startup last raised $150 Mn in a funding round led by SoftBank in 2021 at a valuation of nearly a billion dollars. Including the current round, it has raised over $227 Mn in funding till date from investors such as Reliance, M12, among others.
The development comes at a time when Indian deeptech startups are witnessing renewed interest from investors due to the growing number of patents and high quality talent available in the country. Despite hiccups such as long gestation periods and heavy capex needs, the Indian deeptech sector continues to witness the rise of new startups, catering to both domestic and global use cases.
As a result, industry bodies and stakeholders have been pitching for more sops and incentives to scale up the deeptech sector. Earlier this month, Nasscom called for establishing an INR 10,000 Cr fund for early stage deeptech startups.
Earlier this week, former NITI Aayog CEO Amitabh Kant also called for a fund of funds (FoF) for deeptech startups.
