The business provides software that analyses video feeds from cameras put in cars to better understand driver conduct, minimize accidents and increase safety. LightMetrics, a video telematics business targeting commercial trucks, announced it has secured $8.5 million in investment from Sequoia Capital India.
The business provides software that analyses video feeds from cameras put in cars to better understand driver conduct, minimize accidents and increase safety.
LightMetrics will utilize the capital to employ additional personnel across the engineering, customer success, product, marketing, sales, and analytics divisions.
The business added that the funds would also be used to examine adjacent options such as vehicle insurance.
LightMetrics was formed in 2015 by Soumik Ukil, Ravi Shenoy, Mithun Uliyar, Gururaj Putraya, Pushkar Patwardhan, and Krishna A.G. The six-member founding team had worked together at Nokia Research on computer vision and ML for cameras.
Previous to this financing, LightMetrics had secured $1.8 million in two rounds headed by Beenext. It has been profitable from inception.
Ukil told ET in an interaction that 90% of the company’s income originates from North America, but there is a lot of promise in developing areas such as India, South America, and Africa. In the first four years, the firm concentrated on the North American market, but in the subsequent three years, it has grown into Australia, New Zealand, Mexico, Brazil, and India.
During the last year, the firm has more than quadrupled its revenue and has around 2,500 commercial trucks utilizing its software.
“In the Western world, there’s a lot of responsibility connected with accidents, so cameras with records and video assist save expenditures. It is statistically accurate that commercial vehicle drivers are not at fault in a majority of the cases,” he stated.
The firm does not produce hardware but collaborates with hardware makers to install the software and market its product. The installation will include a two-way camera, one studying the driver and one keeping an eye on the exterior surroundings.
Ukil noted that with the use of the startup’s artificial intelligence capabilities, commercial fleet operators can also avoid similar mishaps.
“They can avoid these incidents in the first place. Thus, for example, the dashcams that LightMetrics supports, really observe the driver. If they’re chatting on the mobile phone, or overspeeding, the program will warn and we can notice a dramatic drop in accidents,” he added.