In what is expected to help accelerate Netradyne’s business momentum, further development of its industry leading product suite, and global corporate expansion, the SaaS leader in artificial intelligence and edge computing has announced it has secured $65 million in a combination of senior and junior mezzanine financing from Silicon Valley Bank (SVB).
Bangalore-based Netradyne is a software as a service provider focussed on driver and fleet safety. The company has claimed to have analysed over five million driving miles, and over 20 billion minutes in its Driver•i advanced AI technology in the last five years. This, it claims, is a technology learning equivalent to 38,000 years of training, increasing AI accuracy to 98% in core features.
As part of its global expansion, the recent debt financing is expected to help Netradyne expand its international growth to Mexico, and four European countries including France, Germany, Italy, and Spain by early 2023. The company currently operates in the US, Canada, UK, Australia, and New Zealand, apart from India.
Avneesh Agrawal, Co-founder and CEO, Netradyne said, “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.”
Speaking on the development, Eric Otterson, Managing Director, Silicon Valley Bank said, “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.”
Meanwhile, the company recently added to its executive leadership team and global headcount. Some of the key hires 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. Overall, the company currently has 500+ employees globally.