As per the official release, the financing will help accelerate Netradyne’s development of its product suite and global corporate expansion
NetraDyne, the US- and Bengaluru-based SaaS startup using artificial intelligence and edge computing to focus on driver and fleet safety, on Thursday announced that it has raised $65 million in a combination of senior and junior mezzanine financing from Silicon Valley Bank (SVB).
As per the official release, the financing will help accelerate Netradyne’s business momentum, further aid the development of its product suite, and help with global corporate expansion.
Netradyne said that over the last five years, its advanced AI technology, Driveri, analysed more than five billion driving miles and over 20 billion minutes.
“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.”
Netradyne currently operates in the US, India, Canada, the UK, Australia, and New Zealand. With the recent debt financing, Netradyne hopes to expand its international growth to Mexico, and four European countries, including France, Germany, Italy, and Spain by early 2023.
Netradyne also announced the latest additions to its executive leadership team and global headcount. The startup’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 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,” said Eric Otterson, Managing Director for Silicon Valley Bank in San Diego, as per reported by YourStory.
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