Two years after its first investment in US-based artificial intelligence platform NetraDyne, Reliance Industries has put in fresh $8 million round in the startup.
NetraDyne works on driver and commercial fleet safety. With the latest round, Reliance now has 37.4 per cent of the stake in the startup.
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, according to stock market filling quoted by ET report.
In June 2016, Reliance had poured in $16 million in NetraDyne .
Founded in 2015, the startup claims to be commercial vehicle technology provider to combine A.I. with video to detect, reason and determine causality of events providing commercial fleets with timely and meaningful data.
The platform also has a vision-based recognition safety platform called Driveri which is designed to enhance the safety of truck drivers. The device analyses things on road and detects anomalous driving behaviour. It also alerts them about any untoward incident or emergency on the road.
Recently, the startup commenced commercialising its technology with select partners across the globe. In the last financial year, NetraDyne recorded a turnover of $400,000.
The San Diego, California-based firm was founded by Avneesh Agrawal and David Julian.
Before founding the startup, Agarwal served as senior vice president of technology and business at chipmaker Qualcomm for a decade. Julian also worked as the principal engineer with Qualcomm.