LightMetrics raises $8.5m from Sequoia Capital and India deals worth $457m
Summary
LightMetrics, a video telematics startup serving commercial vehicle fleets globally, on Wednesday announced that it has raised $8.5 million in a Series A funding round from Sequoia Capital India.With this fundraise, LightMetrics will focus on strengthening various teams, including engineering, customer success, product, marketing, sales, and analytics. Besides, the company will continue to invest in 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.Founded in 2015 by Soumik Ukil, Ravi Shenoy, Mithun Uliyar, Gururaj Putraya, Pushkar Patwardhan, and Krishna A.G., LightMetrics uses edge AI and analyses video feeds from the camera installed in vehicles to better understand driver behaviour, reduce accidents, and improve safety.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.Here are the prominent venture capital transactions in India announced from April 1-5, 2023.