RIL invests $8mn more AI firm Netradyne

Mukesh Ambani-led Reliance Industries Ltd has made a follow-on investment of $8 million in US-based artificial intelligence firm Netradyne Inc, which focuses on driver and fleet safety. The investment has potential synergies with the digital services and communication initiatives of Reliance Industries and its subsidiaries, the energy-to-telecom conglomerate said in a stock-exchange filing. Reliance Industries has made the investment through its wholly-owned subsidiary Reliance Industrial Investments and Holdings Ltd. With the completion of the transaction, it now holds 37.4 per cent stake in Netradyne, which has a technology innovation centre in Bengaluru Reliance Industries had previously invested $16 million in Netradyne in 2016. The firm was yet to launch commercial operations at the time. Netradyne develops technology which combines artificial intelligence with video to detect, reason and determine causality of events, providing commercial fleets with timely meaningful data. It has a vision-based driver recognition safety platform called Driveri which is designed to enhance the safety of truck drivers. The company recently started commercialising its technology with select partners across the globe, Reliance Industries said. It recorded a turnover of $400,000 in the financial year 2017-18.