LightMetrics, a video telematics startup serving commercial vehicle fleets globally, on Wednesday announced that it has raised $8.5 million in a Series A funding round from Sequoia Capital India.
With this fundraise, LightMetrics will focus on strengthening various teams, including engineering, customer success, product, marketing, sales, and analytics. Besides, the company will continue to invest in AI technologies, new products, and solutions to strengthen their offerings and deliver more value to fleets across their operations. The funds raised will also be used to explore adjacent opportunities like auto insurance.
Founded in 2015 by Soumik Ukil, Ravi Shenoy, Mithun Uliyar, Gururaj Putraya, Pushkar Patwardhan, and Krishna A.G., LightMetrics uses edge AI and analyses video feeds from the camera installed in vehicles to better understand driver behaviour, reduce accidents, and improve safety.
“Video telematics is the fastest-growing segment of the telematics industry. Lightmetrics’ ability to deploy advanced computer vision models on the edge, across a range of dash cameras, enables it to serve all vehicle types in this large market. At Sequoia Capital India, we expect advancements in AI to transform several industries and are excited to partner with Lightmetrics on their quest to improve road safety,” said Ashish Agrawal, MD, Sequoia India.
INDIA DEAL MONITOR
Here are the prominent venture capital transactions in India announced from April 1-5, 2023.
| Startup | Headquarter | Investment Size (USD) | Investment Stage | Lead Investor(s) | Other Investor(s) | Industry | Verticals |
|---|---|---|---|---|---|---|---|
| LightMetrics | Bengaluru | 8,500,000 | Series A | Sequoia Capital India | – | Software | AI and Machine Learning |
| DMI Finance | Delhi | 400,000,000 | Equity | Mitsubishi UFJ Financial Group (MUFG) | Sumitomo Mitsui Trust Bank (SMTB) | Financial Services | Fintech |
| Zyod | Gurugram | 3,500,000 | Seed | Lightspeed | FJ Labs, Panthera Peak Capital, Abhishek Goyal, Abhinav Sinha, Gaurav Hinduja, Ravi Khandelwal | Retail | E-commerce |
| Dozee | Bengaluru | 6,000,000 | Series A2 | Prime Venture Partners, 3one4 Capital, YourNest VC, State Bank of India, J&A Partners Family office, Dinesh Mody Ventures | – | Electronics | Healthtech |
| Narrato | Bengaluru | 1,000,000 | Pre-Seed | AirTree Ventures | TheFund, Ruchi Kalra and Bhuvan Gupta, (co-founders of OfBusiness) and Shreesha Ramdas | Marketing/Advertising | Sales & Marketing Software |
| Spendflo | Chennai | 11,000,000 | Series A | Prosus Ventures, Accel | – | Software | SaaS |
| Avanti Finance | Bengaluru | 24,000,000 | Series B | Rabo Partnerships, IDH Farmfit Fund | Oikocredit, NRJN Trust | Financial Services | Fintech |
| CometChat | Mumbai | 4,900,000 | Debt | Zions Venture Fund | – | Software | SaaS |
| Metastable Materials | Bengaluru | – | Seed | Sequoia Capital India’s Surge | Speciale Invest, Theia Ventures | Mining | N/A |
| Moneyboxx Finance | Delhi | 2,900,000 | Equity | – | – | Financial Services | Fintech |
| Vigyos Centre | Gurugram | 121,654 | Seed | Softbank | – | Financial Services | Fintech |
| Prozeal Infra | Ahmedabad | 4,000,000 | – | Alchemie Ventures | – | Renewable Energy | – |