SmartDrive Systems raises $50 million

April 8, 2015
SmartDrive Systems, a provider of driving performance solutions that reduce collisions and improve fuel efficiency, has raised $50 million in funding, it said.According to SmartDrive, the funding, provided by Oak Investment Partners, New Enterprise Associates and WABCO, will fuel the company’s global expansion, further propel product innovation and support the brand’s growing patent portfolio.“There is significant momentum around video analytics in the transportation sector,” CEO Steve Mitgang said. “Working alongside safety technology providers like WABCO has proven the value of combining real-time data from active safety systems, video and predictive analytics to identify and assess material risk that goes unnoticed in other solutions. As the leading innovator in video safety, this investment will fuel new technology and services, including those jointly developed with WABCO, as well as drive growth into new sectors and international markets. We are excited about this next chapter in the business and the value we bring to fleets worldwide improving safety while significantly lowering operational costs.”Of the total funding, WABCO invested $20 million and signed an agreement to integrate next-generation video-based analytics solutions for commercial vehicle fleets worldwide. According to the company, the financing will also enable SmartDrive to build upon the strategic partnerships and customer acquisitions it established in 2014, which was a record year of growth for the company. “Extending beyond the strategic alliance we initiated in 2014, our investment in SmartDrive is a natural extension of the relationship and a testament to the company’s significant potential, strong leadership team and word-class technology,” said Nik Varty, WABCO president, Americas. “SmartDrive has set the technology standard for this market, delivering substantial value in aiding fleets to make critical business decisions and measurably reduce risk.”

Voice your opinion!

To join the conversation, and become an exclusive member of FleetOwner, create an account today!

Sponsored Recommendations

Boost truck leasing profits with telematics insights! Reduce maintenance costs, improve uptime, and strengthen customer relationships. Learn how data drives success.
This free guide outlines simple steps for hiring and onboarding commercial drivers while ensuring that you meet Regulation Part 391 and maintain fully compliant driver qualification...
Ready to boost fleet efficiency by up to 50%? Learn how AI-powered dispatch and next-gen tech are transforming TMS workflows, improving driver planning, and streamlining operations...
Gain a strategic edge in today’s evolving fleet landscape. Join us to explore how fuel cards are helping fleet managers cut costs, enhance control, and prepare for an electrified...