SoftBank-backed artificial intelligence startup Netradyne has secured $65 million in a combination of senior and junior mezzanine financing from Silicon Valley Bank, it announced on Wednesday.
In a statement, Netradyne said the financing will help accelerate business momentum, develop product suite and execute global corporate expansion. It added that the debt financing will also help it expand overseas to Mexico and four European countries, including France, Germany, Italy and Spain, by early 2023. The company is currently operating in the US, UK, India, Canada, Australia and New Zealand.
The US- and Bengaluru-based company had raised $150 million in its Series C financing led by SoftBank Vision Fund in July last year. Existing investors Point72 Ventures and M12, the venture capital arm of tech giant Microsoft, also participated in that round.
Mukesh Ambani-led Reliance Industries had invested $16 million in Netradyne’s Series A funding in 2016 and made a follow-on investment of $8 million in 2018.
Founded in 2015, Netradyne provides fleets of all sizes with an advanced video safety camera and fleet performance analytics tracking. The startup has built AI and edge computing focused on fleet and driver safety. It also provides driver awareness tools to help reduce risky driving behaviour and reward safe driving practices.
“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,” said Avneesh Agrawal, co-founder and CEO of Netradyne.
The startup also executed some top-level hirings recently, including Durgadutt Nedungadi as vice-president and general manager of APAC and Europe; Heather Engen – VP of customer success; Pramod Akkarachittor – VP of product management; Tom Schmitt – chief financial officer; and Michael Campos – data protection officer.
The company currently has over 500 employees worldwide.