Reliance Industries Acquires 37.4% Stake in California’s AI Startup
Reliance Industries has invested an amount of $8 million in California-based NetraDyne. NetraDyne is an artificial intelligence company that focuses on the driver and commercial fleet safety.
Prior to this, Reliance invested $16 million in June 2016 in the startup, thus, this marks as its second investment in the firm. With this investment, Reliance now has taken over around 37.4% stake in the startup.
According to the statement, the investment was made through its subsidiary Reliance Industrial Investments and Holdings (RIIHL). It has subscribed to 4.06 million shares (4,058,647 shares) at Rs 1.9711 per share.
Reliance said this investment has potential synergies with its "digital services and communications initiatives, apart from commercialization benefits in India."
NetraDy...