Telematics startup Lightmetrics raises $8.5 million in Series A round led by Sequoia Capital India

• ByStartupStory     |    April 5, 2023

Lightmetrics, a startup in the telematics industry, announced on Wednesday that it had raised $8.5 million in a Series A round headed by Sequoia Capital India. The startup will use the money to market to telematic services companies, which make up the majority of its clients, as well as hire for and strengthen its tech team, according to co-founder Soumik Ukil.

“We’re partnered with 22 telematics services providers across North America, Latin America, India, Southeast Asia, Australia, and New Zealand. Around 2,500 fleet operators use our platform for more than 50,000 commercial vehicles,” Ukil mentioned.

Dashcam recordings now have an AI layer thanks to the Software-as-a-Solutions (SaaS) platform LightMetrics. At the moment, it works with commercial vehicles. In addition to recording accidents, the platform watches and analyses real-time footage from the dashcams of trucks and other transport vehicles, using AI to give on-the-spot feedback on things like a vehicle’s speed, risky driving behaviour, hard braking, etc.

LightMetrics has partnered with businesses that produce dashcams or offer telemetry services rather than producing or selling cameras or any other hardware on its own. The dashcams that the platform is compatible with have a driver-facing camera as well as a road-facing camera. With the latter, LightMetrics claims it can both process and authenticate driver behaviour, including fatigue, using a phone while driving, and failing to pay close attention to the road. The platform then uses AI to correct these behaviours and offers additional in-cab coaching to promote safe driving habits.

 

In essence, LightMetrics is a software platform. It made a deliberate choice to not own any hardware, according to Ukil. They desired to implement the Android model, in which we would offer the software for use with various hardware. The startup charges a monthly recurring subscription fee for its platform, calculated per vehicle, to its channel partners. The US, where it first debuted, is currently its biggest market. Ukil said the business trained the AI on data from nations like Latin America where driving patterns are similar in order to adapt it to India, where traffic safety laws aren’t as strictly enforced as they are in the US. Although the startup is considering offering comparable services for private vehicles, its primary objective is still commercial fleets.

“Video telematics is the fastest growing segment of the telematics industry. Lightmetrics’ ability to deploy advanced computer vision models on the edge, across a range of dash cameras, enables it to serve all vehicle types in this large market,” said Ashish Agrawal, managing director at Sequoia India, in the company’s press note.

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