SAN DIEGO–(BUSINESS WIRE)–Netradynea SaaS leader in artificial intelligence (AI) and edge computing focused on driver and fleet safety, today announced that it has secured $65 million in a combination of senior and junior mezzanine financing from Bank of Silicon Valley. The funding will help accelerate Netradyne’s commercial momentum, further develop its cutting-edge product suite and expand the business globally.
Netradyne exceeds industry standards for growth for SaaS-based businesses. In just five years, Netradyne’s Driver•i advanced artificial intelligence technology has analyzed over 5 billion miles traveled and analyzed over 20 billion minutes, learning technology equivalent to 38,000 years of training, increasing the 98% AI accuracy in basic functionality.
Netradyne is also proud to announce recent company milestones, including the latest additions to its leadership team and global workforce. Netradyne’s recent executive hires and promotions include Durgadutt Nedungadi, Vice President and General Manager, APAC and Europe, Heather Engen, Vice President of Customer Success, Pramod Akkarachittor, Vice President of Product Management, Tom Schmitt, Director Financial, and Michael Campos, Data Protection Officer. . In addition, the company now has over 500 employees worldwide.
Netradyne’s momentum is further enhanced by its international growth, currently operating in the United States, India, Canada, United Kingdom, Australia and New Zealand. With this recent debt financing, Netradyne will expand its international growth to Mexico and four European countries including France, Germany, Italy and Spain by early 2023.
“Our continued momentum is a testament to Netradyne’s dedication to helping fleets succeed through cutting-edge safety technology,” said Avneesh Agrawal, Co-Founder and CEO of Netradyne. “After five years in business, we have implemented unprecedented best practices at the forefront of the market, and this round of funding from SVB will help propel us forward.”
“It has been a pleasure to work closely with Avneesh and the Netradyne team over the past few years to support their continued growth and expansion,” said Eric Otterson, Managing Director of Silicon Valley Bank in San Diego. “Netradyne’s fleet tracking and security solutions are excellent examples of the innovative solutions and technologies developed right here in San Diego. Our goal is to give Netradyne, and the entire San Diego technology ecosystem, the right funding, services, and connection to drive their businesses forward.
During this period of growth, Netradyne is also proud to announce recent company milestones including induction into the Forbes AI list of 50 Best Companies to Watch for 2022, Gold Stevie Award for Transportation Product of the Year (Driver•i D-430) and 2022 Business Excellence Award for Most Innovative Fleet Analytics and Safety Solutions Company.
About Netradyne, Inc.:
Netradyne harnesses the power of artificial intelligence and edge computing to revolutionize today’s transportation ecosystem. It is an industry leader in fleet safety solutions, immediately improving driver behavior and fleet performance through core technologies such as positive recognition. Netradyne collects and analyzes more data points and meaningful insights than any other fleet safety organization so customers can improve safety, improve retention, increase profitability and enable end-to-end transparency. Organizations trust Netradyne to create a positive, safe and driver-focused culture to take their business to the next level.
About Silicon Valley Bank:
Silicon Valley Bank, the world’s most innovative corporate and investor bank, provides commercial banking services, expertise and knowledge to industries in technology, life sciences and healthcare, private equity, venture capital and premium wine. Silicon Valley Bank operates in innovation hubs around the world and is one of SVB’s core businesses along with SVB Capital, SVB Private and SVB Securities. With global commercial banking services, Silicon Valley Bank helps meet the unique needs of its dynamic, innovative, and rapidly growing customers. Learn more about svb.com.
Silicon Valley Bank is a member of the FDIC and the Federal Reserve. Silicon Valley Bank is the California banking arm of SVB Financial Group (SVB) (Nasdaq: SIVB). SVB Financial Group is the holding company for all business units and groups. © 2022 SVB Financial Group. All rights reserved. SVB, SVB FINANCIAL GROUP, SILICON VALLEY BANK, SVB SECURITIES, SVB PRIVATE, SVB CAPITAL and the chevron are trademarks of SVB Financial Group, used under licence.
For more information about Netradyne, visit www.netradyne.com.