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Reliance invests $8 million on the AI Startup NetraDyne
With this investment Reliance now owns 37.4 percent stake in Netradyne
Reliance Industrial Investments and Holdings Limited ("RIIHL"), the wholly owned subsidiary of Reliance Industries Limited ("Company") has invested $8 million in NetraDyne which focuses on driver and fleet safety.
RIIHL had previously invested $16 million in NetraDyne and with this investment Reliance now owns 37.4 percent stake in Netradyne.
NetraDyne is an early stage revenue company, with a turnover of $0.4 million in FY 2018. It is a high-end technology-driven product, deep learning solutions, and vision-based analytics business with a focus on verticals such as fleet management, automotive, security, and surveillance.
It has recently started commercializing its technology with select partners across the globe.
According to the statement, the aforesaid investment has potential synergies with digital services and communications initiatives of RIL and its subsidiaries, apart from commercialization benefits in India.
To recall, Reliance had earlier acquired 72.69 percent stake in "Embibe", a leading AI-based education platform leveraging data analytics to deliver personalized learning outcomes to each student.
Reliance has agreed to invest up to $180 million into Embibe, (including consideration to be paid for acquiring majority stake from existing investors) over the next three years.
Embibe will use the capital over the next three years towards deepening its R&D on AI in education, as well as business growth and geographic expansion, catering to students across K-12, higher education, professional skilling, vernacular languages and all curriculum categories across India and internationally.