Nayan Tech Raises USD 2M to Advance AI-Powered Road Safety Solutions By CIOTechOutlook Team

Nayan Tech Raises USD 2M to Advance AI-Powered Road Safety Solutions

CIOTechOutlook Team | Wednesday, 09 October 2024, 09:12 IST

Nayan Tech, an artificial intelligence firm, has secured $2 million in funding from investors led by Beenext focusing on road safety and traffic monitoring solutions. The fund will be utilized to expand the company’s AI and Internet of Things (IoT)-powered solutions both in India and internationally, it said. The other participants in the funding round included We Founder Circle, Venture Catalysts, Lets Venture, and FAAD Capital.

Nayan Tech is a company that uses artificial intelligence to process vision, offering dashcam technology for road safety and traffic monitoring. The Nayan dashcam is created for fleet management, law enforcement, and smart city uses, gathering live visual information to identify traffic violations, oversee road conditions, and assess driver conduct.

"Through a single deployment, Nayan is able to serve benefits to multiple government bodies and businesses like transportation, traffic police, civic bodies, insurance companies and fleet companies,” said Jayant Ratti, founder and managing director of Nayan Tech. “We are excited to have We Founder Circle’s backing as we continue to scale our solutions across India and beyond.”

The new company integrates dashcams, drones, and intelligent mobile apps to collect information from cars, mass transit, and shipping fleets. AI algorithms are used to analyze this data in order to track driver actions, traffic infractions, damage to infrastructure, and other elements that affect city living.

Nayan Tech asserts that they have recruited over 17,000 drivers in India, who supply crowd-sourced videos to enhance their AI system. The company reported having 35 customers under contract and 60 potential customers in the pipeline, making for a total order book worth Rs 35 crore.