M12, the corporate venture capital unit operated by software provider Microsoft, has led a $21m series B round for US-based driver safety technology developer Netradyne.
Diversified conglomerate Reliance Industries also participated in the round, through its Reliance Industrial Investments and Holdings (Riihl) subsidiary, as did VC firm Point72 Ventures. M12 will take a board seat at Netradyne in connection with the round.
Netradyne has created a video-based system called Driveri, which uses artificial intelligence, machine learning and edge computing technology to assess driving in real time, giving commercial fleet managers insights into the movement of each vehicle.
The platform identifies best driving practices and gives drivers positive notifications while detecting areas where a driver may need coaching. Netradyne will use the funding to enhance its mapping and data analytics technology while utilising its data for use by insurers.
Reliance Industrial Investments provided $16m in series A funding for Netradyne in 2016 and India Infoline reported last week that it invested $8m in the series B round to take its share of the company to 37.4%.
Samir Kumar, a managing director at M12, said: “We are 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.
“Netradyne’s Driveri system uses deep learning and computer vision at the edge, enabling rich contextual insights that help fleets establish safe driving practices.”
