Road accidents across the globe is among one of the top cause of the number of lives lost each year. In fact, according to the latest data available from the United Nations, about 1.3 million lives are lost every year due to road accidents. While one cannot put a financial cost to human life, the data estimates that road accidents cost up to 3 percent of the GDP to some countries. Bengaluru-based Netradyne, a fleet safety, and management solution provider aims to change the situation through its Driver•I solution.
The start-up says its internal findings have found that its early customers have benefited from its solution which uses Artificial Intelligence and Machine Learning to constantly evolve the driver monitoring capabilities. It claims to have been able to reduce distracted driving by almost 96 percent and accidents by up to 40 percent over a period of time.
In addition to road infrastructure, human error is one of the most critical factors found in road accidents. This includes speeding, distracted driving, or could be driving under the influence of alcohol or drugs. But penalising the driver is just one way to discourage the behaviour, and also more of a reactive situation.
The Driver•I is an embedded solution powered by Artificial Intelligence (AI), Machine Learning (ML) and Edge Computing. The hybrid cloud stitches these technologies to provide a rich and seamless user experience. The solution analyses 100 percent of driving time and identifies different components that make up the on-road scenarios while generating real-time alerts in case the driver is drowsy, distracted, talking, or texting on the phone.
It also provides in-cab alerts to advise the driver in case a safe distance is not maintained with other vehicles, or if traffic signs or signals are not being followed. All this activity helps in reducing road mishaps and improves driving behaviour.
Avneesh Agrawal, Co-Founder & CEO, Netradyne says “The numbers show how the human errors that lead to road fatalities are being addressed. We believe that one less risky driver on the road is one less accident and one more life saved. Our solution is enabling fleet organisations to address driver exonerations. We have been able to protect fleet managers against false claims, by providing them with timely video evidence of the incident.”
Netradyne in numbers
In terms of funding, the start-up to date has raised around $200 million (Rs 1,650 crore) from marquee investors such as Reliance, Point 72, M12 (Microsoft Corp), and Softbank. The investments have helped it accelerate business momentum, expand reach, and helped evolve the product line further.
The company given its headstart has successfully managed to carve a niche for itself. In fact, Agrawal says, “Netradyne crossed an annual recurring revenue of Rs 600 crore and experienced a growth of more than 50 percent in 2021. In the H1 of 2023, we expect to cross Rs 1,000 crore and will comfortably be maintaining the same growth momentum.”
His confidence is on the back of successful engagements with not just domestic customers but global players as well. When queried about profitability he says that Netradyne will be profitable in 2025.
“We provide our fleet safety and management solutions across industries like trucking and logistics, oil and gas, hazardous and high-value transportation, field services, and construction, which include customers like Titan Freight Systems, Halvor Lines, and Load One Transportation to name a few. Within a span of seven years, our customer reach is expanded to six countries, including India, U.S.A, Canada, U.K., Australia, and New Zealand and we are expecting this coverage to expand rapidly in 2023. One of the world’s largest oil and gas companies in India has mandated to have our devices installed in all of their fleets with an objective to improve fleet and driver safety. We are extremely encouraged to notice that over the period of time, the company is able to reduce violation alerts by close to 80% using our AI-enabled smart IoT solutions.”
“In another engagement, one of the largest cash logistics companies in India is using Netradyne’s Driver•I solution to reduce unsafe driving behaviour, near-miss incidents, and thefts,” adds Agrawal.
Targeting fleet and CV segment
One of the key factors for any start-up to grow sustainably is to have razor-sharp focus and not diverse from its vision. For Netradyne, the focus always has been on the fleet and commercial vehicle segment from the start.
Agrawal is clear, while Netradyne’s technology has the potential to cater to the retail segment, “Our short-term plan is to focus on commercial segment. However, we are not looking at the retail segment in the immediate future.”
He says that while initially, the company focussed largely on logistics providers, there is lot of scope in addressing the needs of the transport ecosystem as a whole. It has recently partnered with customers from passenger and school transport providers. In addition, it is also getting huge interest from large corporate groups for their employee transportation vehicles.