Reliance Industries Ltd (RIL) has invested $8 million in California-based NetraDyne, an artificial intelligence startup that focuses on fleet management, automotive, security, and surveillance.
This is the second time Reliance is investing in NetraDyne, Earlier this June RIL invested $16 million in the AI startup.
Both of these investments were made via Reliance Industrial Investments and Holdings Ltd (RIIHL) a subsidiary of RIL. With this new investment, Reliance now owns around 37.4% stake in the startup.
NetraDyne, started by former Qualcomm India & South Asia president Avneesh Agrawal and his Qualcomm colleague David Julian, has developed a vision-based driver retention and safety platform for commercial vehicles called Driveri.
The platform provides fleet managers a comprehensive real-time view of the activity of their drivers through positive driving notifications and identifying best practices. For example, whether the driver is maintaining a distance between fellow passengers on the road, driving in proper lanes and following traffic rules.
This is not the first time in this year, Reliance has been actively acquiring stakes in various ventures over the past few months along with its subsidiaries. Some of the Companies in which the firm acquired stakes include The Indian Film Combine, Eros International, Saavn, Embibe, and KareXpert Technologies.
In June, it had acquired US-based Radisys Corporation, an open telecom solutions provider. Radisys, headquartered in Oregon, has nearly 600 employees with an engineering team based in Bengaluru.
The acquisition will help accelerate Jio’s global innovation and technology in the areas of 5G, IoT and open-source architecture adoption, RIL had said.
According to Reliance Industries’ 2017-18 annual report, RIIHL has backed 40 subsidiaries, which include Indiawin Sports Pvt. Ltd, Naroda Power Pvt. Ltd, Reliance Jio Media Pvt. Ltd and Reliance Payment Solutions Ltd.
HrNxt.com Newsdesk has researchers and writers with an excellent domain knowledge about the talent ecosystem, and the business environment. The team keeps a tab on the latest happenings in the ecosystem to bring most relevant news and insights for our readers. You can connect with our newsdesk at newsdesk@hrnxt.com.