SmartDrive Systems Raises $50 Million

SmartDrive Systems, a leader in driving performance solutions designed to reduce collisions and improve fuel efficiency, has announced that it has raised $50 million in funding from Oak Investment Partners, New Enterprise Associates and WABCO.

“There is significant momentum around video analytics in the transportation sector. 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,” said Steve Mitgang, CEO of SmartDrive.

“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,” Migang added.

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.

Added 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.”

Category: Driver Stuff, Fleet Diagnostics & Software, Fleet Tracking, General Update