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Netradyne raises $150 mn from Softbank Vision Fund and others

US based start-up Netradyne on Thursday said it has raised USD 150 million in series C round led by Softbank Vision Fund at a valuation close to USD 1 billion.

SoftBank | fundings

Press Trust of India  |  New Delhi 

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US based start-up Netradyne on Thursday said it has raised USD 150 million in series C round led by Vision Fund at a valuation close to USD 1 billion.

Existing investors Point72 Ventures and M12 also participated in the round.

The company plans to leverage this new funding to advance its core technology, expand into new geographies and accelerate hiring across research and development including in India, marketing, customer support.

"This investment by 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 and India market expansion.

"We will also utilize bulk of our funding on hiring top-notch talent in India which accounts for two-thirds of our 300 strong global employee base," Netradyne CEO Avneesh Agrawal said in a statement.

Founded in 2015, Netradyne provides fleets of all sizes with an advanced video safety camera and fleet performance analytics tracking, as well as driver awareness tools using artificial intelligence and edge computing to help reduce risky driving behaviour and reward safe driving decision-making.

"In addition, we will invest heavily on augmenting research and development, manufacturing, product design and development capabilities in India - all in support of furthering our mission to create safer roadways for all," Agrawal said.

This financing with earlier investments brings Netradyne's total capital raised to over USD 197 million.

"We have a history of identifying and backing that are developing transformative technologies that contribute to the betterment of humanity.

"The technology developed by Netradyne and its advancements are poised to profoundly impact the entire transportation ecosystem by creating safer roads," Investment Advisers (Vision Fund) managing partner Nagraj Kashyap said.

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

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First Published: Thu, July 15 2021. 19:57 IST