[Funding News] Nayan Tech Secures $2 Mn Pre-Series A Funding Round

In its pre-Series A round, Nayan Tech, a cutting-edge AI-based startup that offers smart city solutions for traffic monitoring, has secured $2 million in funding from BEENEXT and other investors, including We Founder Circle, Venture Catalysts, Lets Venture, and FAAD Capital.

The proceeds will be utilized to enhance Nayan’s AI and IoT-powered solutions business and operations in India and abroad. This includes traffic management, road safety, infrastructure monitoring, and driver behavior monitoring through Nayan’s AI-powered dashcam.

Nayan Tech, offers smart city solutions for traffic monitoring, municipal automation, urban infrastructure management, driver behavior monitoring, fleet management, and passenger safety.

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The platform employs a combination of smart mobile applications, drones, and dashcams to gather an extensive quantity of data from delivery fleets, public transportation, and vehicles. AI algorithms are employed to process this data in order to monitor motorist behavior, traffic violations, infrastructure damage, and other critical factors that affect urban life.

The startup asserts that it has already enrolled more than 17,000 drivers in India, who supply crowdsourced footage to power its AI engine. The technology of Nayan has acquired momentum, with 35 contracted customers and 60 sign-ups in its pipeline, resulting in a total order book of Rs 35 crore.

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