US-based driver safety technology developer Netradyne received $150m yesterday in a series C round led by internet and technology group SoftBank’s Vision Fund 2.
M12, the corporate venturing unit for software provider Microsoft, also took part in the round, as did venture capital firm Point72 Ventures. It valued the company at almost $1bn, according to the Economic Times.
Founded in 2015, Netradyne has developed a fleet dashcam that utilises computer vision and edge computing technology to monitor and analyse driving behaviour. Its technology can automatically provide positive feedback for good driver behaviour or coaching on areas in need of improvement.
The company also operates a fleet monitoring platform used by commercial vehicle fleet operators to access information and data on fleet performance.
Netradyne will put the funding toward the development of its technology and expansion into new geographic markets. It also plans to ramp up recruitment activities for its research and development, marketing and customer support teams.
Nagraj Kashyap, managing partner at Vision Fund 2 manager SoftBank Investment Advisers, said: “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.”
The round increased the company’s total funding to over $197m. It had received $20.2m of funding from four undisclosed investors in April 2020, according to a regulatory filing.
M12 had led Netradyne’s $21m series B round in October 2018, investing together with Point72 Ventures and Reliance Industrial Investments and Holdings (Riihl), a subsidiary of diversified conglomerate Reliance Industries.
Riihl had reportedly invested $8m through that round the previous month to increase its stake in the company to 37.4%. Netradyne had previously collected $16m in series A funding from Riihl in 2016.