The Silicon Valley Bank (SVB) has provided senior and junior mezzanine funding of $65 million (about 518 crore) to Netradyne, an artificial intelligence (AI) company.
According to the company, the funding will aid in accelerating Netradyne’s business growth, further product development, and global corporate expansion.
“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,” he added.
Currently, Netradyne has operations in the US, New Zealand, Canada, India, and the UK. By the beginning of 2023, Netradyne will increase its global reach by entering Mexico and four European nations—France, Germany, Italy, and Spain—with the help of the most recent debt funding.
More than 5 billion driving miles and more than 20 billion driving minutes were analysed in five years by Netradyne’s Driver I sophisticated A.I. technology. According to the corporation, technology learning equivalent to 38,000 years of training increased A.I. accuracy to 98% in fundamental features.
The most recent appointments to Netradyne’s executive leadership team and overall personnel have also been made public.
Durgadutt Nedungadi, vice president and general manager of APAC and Europe, Heather Engen, vice president of customer success, Pramod Akkarachittor, vice president of product management, Tom Schmitt, chief financial officer, and Michael Campos, data protection officer, are just a few of the recent executive hired and promoted at Netradyne.
The company presently employs more than 500 people worldwide.