AI startup Nayan Tech raises $2 Mn in pre-Series A round

Nayan Tech, an innovative AI-based startup providing smart city solutions for traffic monitoring, has raised $2 million in its pre-Series A round led by BEENEXT and other investors including We Founder Circle, Venture Catalysts, Lets Venture, FAAD Capital. 

The proceeds will be used to expand Nayan’s AI and IoT-powered solutions business and operations in India as well as internationally, including traffic management, road safety, infrastructure monitoring, and driver behavior monitoring through Nayan’s AI-powered dashcam.

Founded by Jayant Ratti, Nayan Tech provides smart city solutions for traffic monitoring, municipal automation, urban infrastructure management driver behavior monitoring, fleet management, and passenger safety.

The platform uses a combination of dashcams, drones, and smart mobile applications to collect vast amounts of data from vehicles, public transport, and delivery fleets. This data is processed using AI algorithms to monitor driver behavior, traffic violations, infrastructure damage, and other critical factors that impact city life. 

The startup claims to have already signed up over 17,000 drivers across India, who provide crowdsourced footage to fuel its AI engine. Nayan’s technology has gained traction with 35 contracted customers and 60 sign-ups in its pipeline, generating a total order book of Rs 35 crore.