Fleet security startup Netradyne expects to see 100pc growth by 2024
Avneesh Agrawal and David Julien startedin 2015 to solve road safety and driving problems around the world using their extensive knowledge and extensive experience in artificial intelligence and computer vision.
the San Diego, United States-startup whose head office is located in bangaloreclaims to have experienced 300% year-on-year growth over the past two years.
“We have been fortunate to have recorded a CAGR of 52.9% in annual recurring revenue (ARR) since 2018. We grew 200% in 2021 compared to 2020, and we expect 100% growth in year-over-year for the next two years,” says co-founder and CEO Avneesh.
In 2019, Netradyne launched Drivers, an advanced vision-based fleet security camera platform designed to reinforce good driving behavior. It can assess and alert drivers to factors such as speed, traffic sign observance, and distracted driving, among other functions.
Most of Driveri’s software and hardware was developed in India. To date, Driveri has captured, processed and analyzed 4 billion driving miles, over 15 billion driving time data and continues to collect over 1 billion minutes each month.
With a pan-Indian presence, the startup says it will have nearly 2,000 vehicles deployed with Driveri devices on Indian roads by the end of this quarter. While the US continues to be its biggest market, the company launched the devices in Australia/New Zealand last month and will launch them in the US and EU this month.
The fleet security startup has more than 1,000 customers, whose main customers are in the United States. Indian customers include Zoomcar and Shell, among others.
The first days
According to Avneesh, “the biggest problem we encountered while creating Netradyne was the lack of advanced artificial intelligence and a vision-based safe driving telematics system that could help drivers avoid road accidents” .
By pioneering a data-driven preventative and post-crash risk assessment mechanism for safe driving on the roads, Netradyne has become a category-defining leader for commercial fleet operators, he says. .
“While other companies are catching up, we have a head start in capturing and analyzing driving data with our technology,” adds Avneesh.
How it works?
Netradyne claims to be the first commercial vehicle technology provider to combine artificial intelligence with video to detect, reason and determine causation of events as it informs how fleet drivers interact with the road around them.
The startup’s proprietary device, Driveri, has cameras capable of simultaneously processing all signs, vehicles and traffic lights in front of the vehicle, as well as tracking drivers’ activities to check if they are drowsy or distracted.
The device is mounted on the windshield of the vehicle to simultaneously monitor the road and the driver. It has the ability not only to immediately alert the driver, but also to log the incident and send a report to the fleet manager. Netradyne uses this technology not only to take control of the vehicle, but to help drivers reduce the number of accidents.
The system uses high-end processors and algorithms to basically do two things: one is to evaluate the performance of the drivers and provide real-time alerts via audio messages. The second is to send this information along with the video of each alert to fleet managers, who use it to coach or incentivize drivers.
The system then assigns a score based on driving performance, which helps the manager decide on incentives.
According to the team, Netradyne is transforming the trucking ecosystem by collecting and analyzing more data points and meaningful insights than any other fleet safety organization so customers can improve retention, increase profitability, improve security and enable end-to-end transparency.
Netradyne’s main competitors are Nauto, Lytx and Omnitracs.
Since its inception, Netradyne has built a world-class team to deliver industry-leading fleet security solutions.
A 20-year technology veteran, Avneesh is passionate about turning research ideas into business reality. Avneesh holds a BS in Computer Systems Engineering and an MS and PhD in Electrical Engineering from Stanford University.
Prior to founding Netradyne, Avneesh served as senior vice president of technology and business at Qualcomm for over 10 years. Avneesh has been granted over 150 US patents.
While working for Qualcomm, Avneesh met David Julian. David previously worked at NASA’s Jet Propulsion Laboratory (JPL) on the Galileo and Cassini space missions. He then served as a principal engineer at Qualcomm Research, where he was granted over 100 US patents covering a wide range of technologies and initiated and led several R&D efforts, including the Qualcomm Zeroth Deep Learning team.
David holds a BSEE from New Mexico State University, as well as an MS and PhD in Electrical Engineering from Stanford.
Both Avneesh and David decided to launch Netradyne inspired by an ambitious vision to solve road safety and driving challenges across the world in 2015.
Netradyne has a specialist niche team of over 350 employees worldwide.
The market and financing
According to a report by MarketsAndMarkets, the global fleet management market size is expected to grow from $20.6 billion in 2021 to $33.9 billion by 2026, at a compound annual growth rate (CAGR) of 10.5%.
“The market potential is enormous as it affects all commercial vehicles and also directly and significantly affects commercial motor insurance. The company has customer data that suggests crash rates have dropped by 30-40% and distracted driving has dropped by around 80%,” says Avneesh.
The startup raised $150 million in Series C funding led by SoftBank Vision Fund, at a valuation of nearly $1 billion, in July 2021. Existing investors Point72 Ventures and M12 also participated in the round. This funding, along with previous investments, brings Netradyne’s total capital raised to over $197 million.
“The fact that SoftBank has invested $150 million in Netradyne reflects the potential of this technology to transform the road transport and safety ecosystem,” Avneesh said.
Netradyne’s business, which includes the suite of offerings including devices as well as cloud-based services, grew 3x year-over-year globally, particularly during the pandemic.
Challenges and future
The real challenge for the company today is to be able to increase its resources, in particular in the technological field. Its operations in India are growing at a good pace and the startup is trying to accelerate the hiring of team(s) accordingly.
Since the skills needed for its field of activity are niche in nature, Netradyne will adopt various routes to hire these specialists from top campuses such as IISC, IITs and top engineering schools such as RVCE and BMS in Bengaluru, to name a few.
In the early years, the company consciously focused on India and the United States as key business markets to make the technology widely available. However, in line with its aspirations to become a global player, Netradyne continues to expand globally.
During this year, the company expects to see its products launched in the UK, Europe, Australia/New Zealand, Mexico and other select markets. It will aggressively focus on automotive, surface transportation and logistics segments, such as commercial fleet management companies, high-value and dangerous goods carriers, passenger car manufacturers/operators , trucks and buses, to name a few.