Artificial Intelligence startup Netradyne that is concerned with driver and commercial fleet safety has reportedly raised funds amounting to $21 million in Series B funding. The round was led by Microsoft’s corporate venture arm M12 (formerly Microsoft Ventures).
It also saw participation from backers like Reliance Industries and Point72 Ventures. Following the funding round, M12 will join the company board and “bring additional resources and expertise focused on scaling the company”.
The funds so raised by the company are being planned to be used in making a sizable investment in the application of AI and deep learning in new industry segments. This includes areas like Dynamic 3D or HD Mapping, Data Analytics and Insurance.
“We’re excited about our investment in Netradyne, an innovative company that we believe has the ability to create a safe new driving standard for commercial vehicles,” said Samir Kumar, managing director at M12. “Netradyne’s Driveri system uses deep learning and computer vision at the edge, enabling rich contextual insights that help fleets establish safe driving practices.”
Established by Samir Kumar and his Qualcomm colleague David Julian, the company has built a vision-based driver retention and fleet safety platform for commercial vehicles called Driveri. It also has technology innovation centers in Bengaluru and San Diego (California).
In the financial year 2018, Netradyne reported a turnover of $0.4 million. The company has made major strides in commercializing next generation AI in ways that deliver tangible impact to real businesses.