RIL, through its subsidiary, has invested $8 million in NetraDyne. Photo: RelianceMumbai: Reliance Industries Ltd (RIL) has invested $8 million in San Diego-headquartered NetraDyne Inc., an artificial intelligence (AI) start-up, through its wholly owned subsidiary, Reliance Industrial Investments and Holdings Ltd (RIIHL). In June, RIIHL had invested $16 million in the start-up that focuses on fleet management, automotive, security and surveillance. “The funds will be raised through optionally convertible preference shares at a dividend rate of 6%,” said the first person mentioned above, requesting anonymity. Optionally, convertible preference shares are issued on a rights basis to existing equity shareholders.

Source: Mint September 26, 2018 18:11 UTC