Established by Jayant Ratti, Nayan Tech is a cutting-edge AI-based startup that offers smart city solutions for traffic monitoring. The company has raised $2 million in its pre-Series A round led by BEENEXT and other investors, such as We Founder Circle, Venture Catalysts, Lets Venture, and FAAD Capital.
The money raised will be used to expand Nayan’s AI and IoT-powered solutions business and operations in India as well as internationally, including traffic management, road safety, infrastructure monitoring, and driver behaviour monitoring by means of Nayan’s AI-powered dashcam.
The platform gathers a ton of data from cars, public transportation, and delivery fleets using a mix of dashcams, drones, and intelligent mobile apps. AI algorithms are used to process this data in order to monitor traffic infractions, infrastructure damage, driver behaviour, and other important aspects of city life.
More than 17,000 drivers in India, according to the startup, have already signed up to contribute crowdsourced footage to power its AI engine. With 60 sign-ups and 35 contracted customers, Nayan’s technology has gained traction and generated an order book worth Rs 35 crore in total.
