Urbanization is accelerating at a rapid pace lately and there has been urgent call for smart city solutions. Startup Nayan Tech is working in the same direction. It has lately secured $2 million in pre-Series A funding and led by BEENEXT and backed by investors like We Founder Circle, Venture Catalysts, Lets Venture and FAAD Capital.
The approach of Nayan Tech is practical to solving real-world challenges. Traffic management and road safety are perennial issues in congested cities. Current systems are reactive and authorities are stepping in only after violations or when accidents occur. The new AI-powered dashcam and monitoring solutions of Nayan Tech are changing is providing real-time and proactive insights into the behavior of driver, traffic violations and infrastructure conditions.
The startup is using crowdsourced data from more than 17,000 drivers across India. Its AI engine constantly learns and improves as well as offers valuable insights to municipalities, fleet operators and transportation services. The decentralized and data-driven approach stands in stark contrast to traditional and siloed methods of managing traffic and urban safety. Nayan Tech has already secured 35 contracted customers and another 60 is in the pipeline.
The real test for Nayan Tech will be in its ability to scale the solutions internationally. The $2 million raised will certainly help in fueling the expansion even though the journey ahead is complex.
Cities are increasingly becoming data-driven ecosystems and the role of AI is shaping the urban space. Nayan Tech is at the forefront of the movement and its latest funding round is promising. It will be the one to fully realize the vision. The path is clear and execution will be key.