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LightMetrics, a video telematics startup serving commercial vehicle fleets globally, has raised $8.5 million in Series A funding round from Sequoia Capital India. Their solution uses edge AI and analyses video feeds from the camera installed in vehicles to better understand driver behaviour, and reduce accidents and improve safety.
With this fundraise, LightMetrics will focus on strengthening various teams to set the stage for future growth. This includes engineering, customer success, product, marketing, sales and analytics. The company said that it will continue to invest in cutting-edge AI technologies, new products and solutions to strengthen their offerings and deliver more value to fleets across their operations. The funds raised will also be used to explore adjacent opportunities like auto insurance.
“This investment by Sequoia Capital India is a testament to the fact that we are building the preeminent video-based fleet safety platform globally. We will invest deeply in building the most advanced and efficient edge AI, empowering our customer base to deliver this critical technology across the entire fleet ecosystem, and expanding our international footprint,” said Soumik Ukil, CEO and co-founder, LightMetrics.
LightMetrics is deployed by over 2500 fleets across India, Middle East, US, Canada, Mexico, Brazil, Australia, and South Africa. LightMetrics provides an easy to integrate video telematics platform with the industry’s most efficient AI on the edge – allowing fleets to gain visibility into several risky driving behaviours based on real time analysis of road and driver facing cameras, according to an official statement given by the company.
“Video telematics is the fastest growing segment of the telematics industry. Lightmetrics’ ability to deploy advanced computer vision models on the edge, across a range of dash cameras, enables it to serve all vehicle types in this large market. At Sequoia Capital India, we expect advancements in AI to transform several industries and are excited to partner with Lightmetrics on their quest to improve road safety,” said Ashish Agrawal, MD, Sequoia India.
Founded in 2015 by Soumik Ukil, Ravi Shenoy, Mithun Uliyar, Gururaj Putraya, Pushkar Patwardhan and Krishna A.G, LightMetrics is a video telematics technology business that exists to make roads safer for everyone, everywhere by helping mobility businesses become safer and more productive through a better understanding of driving behavior.
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