LightMetrics raises $8.5m from Sequoia Capital and India deals worth $457m

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.

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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

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