LightMetrics, a video telematics startup serving commercial vehicle fleets globally, has raised $8.5 million in its Series A round from Sequoia Capital India.
With this fundraise, LightMetrics will focus on strengthening various teams to set the stage for future growth. This includes engineering, customer success, product, marketing, sales and analytics. The company said that it will continue to invest in AI technologies, new products and solutions to strengthen their offerings and deliver more value to fleets across their operations. The funds raised will also be used to explore adjacent opportunities like auto insurance.
Founded in 2015 by Soumik Ukil, Ravi Shenoy, Mithun Uliyar, Gururaj Putraya, Pushkar Patwardhan and Krishna A.G, LightMetrics provides an easy to integrate video telematics platform that allows fleets to gain visibility into several risky driving behaviours based on real time analysis of road and driver facing cameras, according to an official statement given by the company
Their solution uses edge AI and analyses video feeds from the camera installed in vehicles to better understand driver behaviour, and reduce accidents and improve safety.
LightMetrics claims to have deployed over 2500 fleets across India, Middle East, US, Canada, Mexico, Brazil, Australia, and South Africa.