Netradyne secures $65 million from Silicon Valley Bank to boost growth | The Financial Express

Netradyne secures $65 million from Silicon Valley Bank to boost growth

The company is exceeding industry benchmarks on growth for SaaS-based businesses. In just five years Netradyne’s Driver i advanced A.I. technology analyzed more than 5 billion driving miles and analyzed over 20 billion minutes

Netradyne secures $65 million from Silicon Valley Bank to boost growth

Netradyne, an artificial intelligence (AI) and edge computing focusing company, has secured $65 million (around Rs 518 crore ) in a combination of senior and junior mezzanine financing from Silicon Valley Bank (SVB). The financing will help accelerate Netradyne’s business momentum, further development of its industry leading product suite, and global corporate expansion.

The company is exceeding industry benchmarks on growth for SaaS-based businesses. In just five years Netradyne’s Driver i advanced A.I. technology analyzed more than 5 billion driving miles and analyzed over 20 billion minutes. A technology learning equivalent to 38,000 years of training, increasing A.I. accuracy to 98 percent in core features.

Avneesh Agrawal, co-founder, and CEO of Netradyne said, “Our continued momentum is a testament to Netradyne’s focus on helping fleets succeed with industry leading safety technology.  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’s reach is further bolstered by its international growth, currently operating in the U.S., India, Canada, UK, Australia, and New Zealand. With this recent debt financing.

The company said it will expand its international growth to Mexico, and four European countries including France, Germany, Italy, and Spain by early 2023.

The company’s primary goal is to provide a scientific method to improve road safety and subsequently help fleets experience reduced accidents, higher safety scores, lower insurance costs and improved driver retention.

Additionally, Netradyne has raised $197.5 million globally through key investors such as Reliance, Softbank, Point 72, Microsoft Corp, and Hyundai. Today the company stands at an Annual Recurring Revenue (ARR) of Rs.500 crore. and is on the track to cross Rs 1000 crore. by the end of 2022.

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