Netradyne, the AI-powered fleet safety solutions provider with significant operations in Tamil Nadu, has successfully raised $90 million in Series D funding from Point72 Private Investments. This latest investment marks a significant milestone for the region’s growing deeptech ecosystem and reinforces Tamil Nadu’s position as a hub for advanced technology development.
The company, which pioneered AI-enabled dashcams for fleet safety, plans to utilize the fresh capital to accelerate its growth through strategic investments in research and development (R&D) and go-to-market (GTM) strategies, with a particular focus on expanding its Chennai-based technology center.
Founded in 2015 by Avneesh Agrawal and David Julian, Netradyne has established itself as a leader in the fleet safety and video telematics solutions sector. The company’s innovative technology has already analyzed over 18 billion driving miles across multiple countries, including significant deployments in Tamil Nadu’s transportation sector.
“The successful completion of our Series D funding round is a significant milestone for Netradyne,” said Avneesh Agrawal, cofounder and CEO. “This funding provides us with the resources to accelerate growth, expand our technology capabilities, and deliver even greater value to our customers worldwide, with Tamil Nadu remaining a crucial center for our innovation.”
Sri Chandrasekar, managing partner at Point72 Private Investments, expressed confidence in the company’s trajectory: “Since our initial investment in 2018, we’ve witnessed Netradyne’s impressive growth. The company’s strong presence in Tamil Nadu’s technology ecosystem has been a key factor in their success.”
The impact on Tamil Nadu’s startup ecosystem is particularly noteworthy. Dr. Rajesh Kumar, Director of the Tamil Nadu Startup and Innovation Hub, explains, “Netradyne’s success demonstrates the state’s capability to nurture deeptech startups. Their presence has created a ripple effect, attracting more investment and talent to our region.”
The company’s growth in Tamil Nadu has been remarkable, with its Chennai center playing a crucial role in developing cutting-edge AI and computer vision technologies. Netradyne currently serves over 3,000 customers globally, including prominent Indian companies like IndianOil Skytanking and Writer Safeguard, with many of its technology solutions being developed and tested in Tamil Nadu.
For Tamil Nadu’s startup ecosystem, this funding represents more than just capital injection. It showcases the state’s potential in the deeptech sector and its ability to support companies working on complex technological solutions. The company’s success has already inspired several local startups to focus on AI and computer vision technologies.
Prior to this round, Netradyne raised $150 million led by SoftBank in 2021 at a valuation of nearly a billion dollars. Including the current round, the company has raised over $227 million from investors including Reliance and M12, highlighting the growing confidence in Tamil Nadu-based technology development.
The timing of this investment is particularly significant as India’s deeptech sector witnesses renewed investor interest. Industry bodies, including Nasscom, have recently called for establishing an INR 10,000 crore fund for early-stage deeptech startups, which could further benefit Tamil Nadu’s growing technology ecosystem.
Looking ahead
Netradyne’s expansion plans include strengthening its Chennai R&D center and creating more high-skilled technology jobs in the region. This growth is expected to contribute significantly to Tamil Nadu’s goal of becoming a leading deeptech hub in India.
