Nayan Tech is an AI startup offering smart city solutions for traffic monitoring that recently secured $2 million in its pre-series A funding round from BEENEXT and others. The funding round saw the participation of other investors including Venture Catalysts, FAAD Capital, We Founder Circle, and Lets Venture.
The startup plans to use these fresh proceeds to scale its operations, enhance its platform, improve its performance capability, and expand its services globally.
The company intends to use the investment to expand its IoT and AI-based solutions in India and other countries. The startup aims to transform traffic management including improved road safety, driver behavior monitoring through its AI dashcam, and infrastructure monitoring. The company provides solutions for traffic control, urban infrastructure driver behavior monitoring, passenger safety, and others.
Nayan Tech has secured around 2.13 million USD across six funding rounds since its inception, including $35.4k raised during its seed funding round from We Founder Circle. The development came just when the AI startup saw increased interest from investors globally.
The Delhi-based startup uses advanced technologies to collect decentralized data from street cameras, dash cameras, and other cameras on Highways. This allows the company to provide information to drivers regarding optimum paths and risk-free routes. The application also gathers information about the vehicle’s route and monitors driver behavior for transportation companies.
Nyan Tech uses drones, smart mobile applications, and other cams to collect data from vehicles, delivery fleets, and public transport. This data is then processed using artificial intelligence algorithms to monitor the driver’s behavior, traffic violations, and other critical factors that impact city life. The firm focuses on solidifying its market presence in India and globally.
The startup claims to have over 17,000 registered drivers on its platform across India. Nayan Tech has gained traction with 35 contracted customers and 60 sign-ups in its pipeline making the total order book of Rs 35 crore. Entrackr reported. The startup aims to change global traffic and road condition alerts with the help of artificial intelligence. The development came just after the artificial intelligence sector saw increased investor interest. The investment shows Beenext’s trust in the company’s market potential and business model. Nayan Technologies faces competition from other AI-based platforms that analyze and monitor traffic such as Nora, GridMatrix, and Hayden AI.
Conclusion :
Nayan Technologies is an Artificial Intelligence startup that secured $2 million from BEENEXT during its pre-series A funding round with the participation of We Founder Circle, FAAD Capital, Venture Catalysts, and Lets Venture. The company intends to use this fresh capital to enhance its AI capability and expand its AI and IoT solutions in India and globally.
The platform provides AI-powered smart city solutions for traffic monitoring. The company claims to have over 17k drivers signed up in its platform to fuel its AI engine using crowd-sourced footage. The platform uses done, dashcams, and other smart mobile applications to collect data about vehicle driver behavior and other factors that impact city life.
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