In response to rising auto insurance premiums and vehicle accidents, AI-enabled dashcams by startup Netradyne are proving to be the solution for fleet owners. The California-based firm has just received a $90 million Series D investment to develop its cutting-edge technology further, meeting a pre-money valuation of $1.25 billion.
Prominent investors such as Point72 Private Investments, Qualcomm Ventures, and Pavilion Capital led the funding round. This financial boost is set to fuel Netradyne’s expansion into Ireland and Japan following its successful penetration of markets in Germany, UK, Australia, and New Zealand.
According to data gathered by the company, their products have reduced vehicle crashes by approximately 50%, benefiting renowned clients such as Amazon. Their dashcams leverage AI to track driver engagement, recognise risky behaviour, and provide real-time notifications in order to significantly increase road safety.
Netradyne’s CEO and co-founder, Avneesh Agrawal, revealed intentions to capitalise on the 18 billion miles of data collected so far to nourish the AI technology and improve its overall efficiency.
While Netradyne’s technology is capable of enhancing autonomous driving technology by tackling edge-case driving scenarios and interpreting driving behaviour, Agrawal stated that the company’s goal is not to build autonomous vehicles but rather collaborate with others by offering Netradyne’s valuable data and insights.
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