Netradyne Accelerates Momentum: Secures $65 Million in Debt Financing from Silicon Valley Bank to Fast-Track Growth

Netradyne, a SaaS leader in artificial intelligence (A.I.) and edge computing focusing on driver and fleet safety, announced it has secured $65 million in a combination of senior and junior mezzanine financing from Silicon Valley Bank. The financing will help accelerate Netradyne’s business momentum, further development of its industry-leading product suite, and global corporate expansion.

“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.”

Netradyne is exceeding industry benchmarks on growth for SaaS-based businesses. In just five years Netradyne’s Driver•i advanced A.I. technology analyzed more than 5 billion driving miles and analyzed over 20 billion minutes, a technology learning equivalent to 38,000 years of training, increasing A.I. accuracy to 98% in core features.

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Netradyne is also proud to announce recent company milestones including the latest additions to its executive leadership team and global headcount. Netradyne’s recent executive hires and promotions include Durgadutt Nedungadi, VP and General Manager, APAC and Europe, Heather Engen, VP of Customer Success, Pramod Akkarachittor, Vice President of Product Management, Tom Schmitt, Chief Financial Officer, and Michael Campos, Data Protection Officer. In addition, the company is now over 500 employees strong worldwide.

Netradyne’s momentum is further bolstered by its international growth, currently operating in the U.S., India, Canada, UK, Australia, and New Zealand. With this recent debt financing, Netradyne will expand its international growth to Mexico, and four European countries including France, Germany, Italy, and Spain by early 2023.

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“Our continued momentum is a testament to Netradyne’s focus on helping fleets succeed with industry-leading safety technology,” said Avneesh Agrawal, co-founder, and CEO of Netradyne. “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.”

“It has been a pleasure to work closely with Avneesh and the Netradyne team over the past several years to support their continued growth and expansion,” said Eric Otterson, Managing Director for Silicon Valley Bank in San Diego. “Netradyne’s fleet safety and tracking solutions are great examples of the innovative solutions and technologies being developed right here in San Diego. Our goal is to empower Netradyne, and the broader San Diego tech ecosystem, with the right financing, services, and connection to move their businesses forward.”

During this period of growth, Netradyne is also proud to announce recent company milestones, including induction into Forbes AI Top 50 Companies to Watch list for 2022, Gold Stevie Award for Transportation Product of the Year (Driver•i D-430), and 2022 Corporate Excellence Award for Most Innovative Fleet Safety & Analytics Solutions Firm.

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