Reliance Industries invests $8M in AI startup Netradyne
This is Reliance’s second investment in the startup, having pumped in $16 million in June 2016. With this investment, Reliance now owns around 37.4% stake in the startup.
In a stock market filing, Reliance Industries said the investment was made through its subsidiary Reliance Industrial Investments and Holdings (RIIHL) which has subscribed to 4.06 million shares (4,058,647 shares) at Rs 1.9711 per share.
NetraDyne, started by former Qualcomm India & South Asia president Avneesh Agrawal and his Qualcomm colleague David Julian, has developed a vision-based driver retention and safety platform for commercial vehicles called Driveri.
The platform provides fleet managers a comprehensive real-time view of the activity of their drivers through positive driving notifications and identifying best practices. For example, whether the driver is maintaining a distance between fellow passengers on the road, driving in proper lanes and following traffic rules.
In an earlier interaction with ETtech, Agarwal had said the device analyses things on road and detects anomalous driving behaviour. It also alerts them about any untoward incident or emergency on the road. The company has technology innovation centers in Bengaluru and San Diego (California) and reported a turnover of 0.4 million in FY 2018.
Reliance said this investment has potential synergies with its “digital services and communications initiatives, apart from commercialization benefits in India.”