RIL, Microsoft units-led funding provides Netradyne with USD 21 mn

Netradyne, an artificial intelligence focused driver and fleet safety startup, Friday said it has raised USD 21 million in funding from M12 - Microsoft's corporate venture arm, Reliance Industries (through its subsidiary RIIHL) and Point72 Ventures.

M12 led the series B investment round and will now hold a role on the board, bringing additional resources and expertise focused on scaling the company, a statement said.

RIL (through RIIHL) had invested USD 16 million during the series A round, it added.

The additional investment will be used to expand the team that has created early success for its product, Driveri - a vision-based driver recognition and fleet safety platform.

Netradyne utilizes new-age technologies like AI, machine learning (ML), and Edge computing to significantly enhance road and driver safety. Its platform captures and analyses every minute of the driving process, providing commercial fleet managers with insights and also identifying areas for providing individual coaching.

Netradyne will also make a sizeable investment in the application of AI and deep learning in new industry segments like dynamic 3D/HD mapping, data analytics, insurance etc.

"In a very short period of time, Netradyne has made major strides in commercializing next-generation AI in ways that deliver tangible impact to real businesses," Netradyne founder and CEO Avneesh Agrawal said.

Founded in 2015, Netradyne has technology innovation centers in San Diego, US, and Bengaluru.