The money will be used to expand the company’s AI and Internet of Things (IoT)-powered solutions both in India and internationally, it said.
We Founder Circle, Venture Catalysts, Lets Venture and FAAD Capital were the other participants in the funding round.
Nayan Tech, founded by Jayant Ratti, is an AI-driven vision processing company providing solutions for road safety and traffic monitoring via its dashcam technology. The Nayan dashcam is designed for fleet management, law enforcement and smart city applications, collecting real-time visual data to detect traffic violations, monitor road conditions and analyse driver behaviour.
“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 startup combines dashcams, drones and smart mobile applications to gather data from vehicles, public transport and delivery fleets. This data is processed with AI algorithms to monitor driver behaviour, traffic violations, infrastructure damage and other factors impacting urban life.
Discover the stories of your interest
Nayan Tech claims to have signed up more than 17,000 drivers across India, who provide crowd-sourced footage to power its AI engine. The company said it has 35 contracted customers and 60 signups in the pipeline, with a total order book valued at Rs 35 crore.