Netradyne Raises $150 Million in Series C Funding Led by SoftBank Vision Fund 2
Netradyne, a leader in artificial intelligence (AI) and edge computing focusing on driver and fleet safety, announced a $150 million, Series C funding led by SoftBank Vision Fund 2, with participation from existing investors Point72 Ventures and M12. This financing, along with earlier investments, brings Netradyne’s total capital raised to over $197 million. Netradyne will use the new funding to advance its core technology, expand into new geographies and accelerate hiring across R&D, marketing, and customer support.
Netradyne provides fleets of all sizes with an advanced video safety camera and fleet performance analytics tracking, as well as driver awareness tools to help reduce risky driving behavior and reward safe driving decision-making. Powered by AI and edge computing, Netradyne’s Driveri® is an advanced vision-based driver recognition and fleet safety solution built to reward positive driving behavior, providing a powerful retention tool in an industry challenged by massive labor shortages. Driveri’s transformative capabilities set it well ahead of other products in the industry. It is the only fleet safety solution to capture the complete driving day with accurate object detection, event causality, and full visibility to what’s happening on the road, as opposed to only capturing video after an incident has occurred like legacy platforms.
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“We believe Netradyne is an industry leader who is poised to profoundly impact the entire transportation ecosystem by creating safer roads,” said Nagraj Kashyap, Managing Partner at SoftBank Investment Advisers. “Through its advanced vision-based technology, Netradyne is helping to improve the commercial driver experience and performance to help reduce transportation-related deaths and injuries on the roadways. We are pleased to partner with Avneesh and the Netradyne team as they harness the power of computer vision and edge computing to revolutionize modern-day transportation.”
Fleets using Driveri are able to achieve real impacts in safety, productivity and efficiency, all while achieving cost-savings thanks to reduced incidents and the critical video recording and data sets for reported events. Some customers have seen up to 82% reduction in insurance claims. The safety benefits of using Driveri are clear: fleets using Driveri® experience safety improvements immediately upon deployment, and many report building a culture of safety within their fleets as demonstrated by an average of 90% improvement in complying with STOP signs and 60% improvement in distracted driving, and 76% improvement in following distance. This data shows how a fleet safety solution with built-in positive recognition can effectively coach drivers to become aware of ways they can improve, resulting in highly motivated and productive drivers.
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“This investment by SoftBank solidifies our global marketplace leadership position in fleet safety technology,” said Avneesh Agrawal, CEO, Netradyne. “With this new infusion of capital, we will invest even more deeply into advanced AI technology and accelerate our international expansion – all in support of furthering our mission to create safer roadways for all.”
Driveri provides actionable data to automatically coach and improve safety performance across a fleet, proactively developing safer drivers. The system can assess speed, traffic sign compliance, following distance, aggressive driving, distracted driving, and much more. Driveri alerts drivers of poor driving behavior and incidents that need quick action, by issuing a corrective alert in real-time. Because of its advanced edge computing capabilities, Driveri can also recognize incidents of positive driving. As a result, fleets are better able to mitigate the risks associated with accidents while recognizing and rewarding its safest drivers, reducing the likelihood of accidents happening at all. The result is deep insight into the driving environment, with a focus on positive driver recognition.
Since its founding in 2015, Netradyne has successfully grown to reach 1,000+ fleets, across multiple industries, including some of the world’s largest fleets. The company has emerged as one of the leading fleet safety platforms, growing annual recurring revenue by over 300% in 2019 and the same in 2020.
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