NetraDyne, United States based technology startup has raised $16 million from Reliance Industrial Investment and Holdings Ltd, a subsidiary wholly owned by Reliance industries of India.
In a filing, Reliance Industries Limited said that its subsidiary is investing INR 107 crores ($16 Million) in convertible preferred shares of tech startup, NetraDyne Inc, USA.
Netradyne Inc, founded by Avneesh Agrawal and David Julian, develops IoT based solutions for vision processing and it is working with devices like drones, automotive and healthcare equipments. It has developed next gen camera sensors to take the vision inputs and process the same.
The investment will be made in 2 tranches, with half of the amount being transferred immediately and other half in a year’s time from now. With the investment, RIL will take 40% equity of the startup along with 1.50 crore shares of Netradyne.