LightMetrics, a San Jose, CA-based startup that offers video telematics technology to commercial fleet operators, raised $8.5 million in a Series A funding round led by Sequoia Capital India.
The funds will be used for further investment in product innovation as LightMetrics continues to use artificial intelligence tools to increase the sophistication of its RideView solution. The funds will also be used to invest in product innovation and partnerships with telematics providers, insurers, and automotive manufacturers.
LightMetrics offers an AI-based platform for real-time driver coaching and associated driver safety analytics to enterprises in the automotive ecosystem. The company’s RideView solution uses dashcams and computer vision to monitor drivers and the road ahead, providing a richer understanding of driver behavior.
The company believes that video telematics will become ubiquitous for fleet operators and that its technology will help improve road safety, increase efficiency, and reduce insurance premiums.
Company: LightMetrics, Inc.
Raised: $8.5 million
Round: Series A
Funding Month: April 2023
Lead Investors: Sequoia Capital India
Additional Investors:
Company Website: https://www.lightmetrics.co/
Software Category: Video Telematics
About the Company: Founded in 2015 by Soumik Ukil, Ravi Shenoy, Mithun Uliyar, Gururaj Putraya, Pushkar Patwardhan, and Krishna A.G, LightMetrics is a video telematics platform that uses AI and computer vision to help fleet managers improve driver safety, reduce fuel costs, and increase operational efficiency. The platform provides real-time monitoring of driver behavior and vehicle performance, with features such as distracted driving detection, collision prevention, and route optimization. The technology has been deployed into more than 2,000 commercial vehicle fleets worldwide, with early results suggesting reductions of up to 80% in risky behaviors such as speeding and distracted driving.
Source: https://www.forbes.com/sites/davidprosser/2023/04/05/full-speed-ahead-why-lightmetrics-thinks-video-will-save-drivers-time-money-and-even-their-lives/