SmartDrive Systems Inc., a San Diego-based provider of driver risk management systems and services, has raised $25 million in fifth-round funding co-led by return backers New Enterprise Associates and Oak Investment Partners. SmartDrive previously raised over $50 million from NEA, Oak, Revolution Ventures, the Founders Fund and Western Technology Investments.
SmartDrive Systems, a leader in fleet safety and operational efficiency, today announced that they have secured $25M in additional venture funding and named Dave Vucina as Chairman of the Board. Led by existing investors Oak Investment Partners of Palo Alto, CA, and New Enterprise Associates of Menlo Park, CA, the new round of financing will provide working capital for SmartDrive Systems to continue to build out its suite of services and to continued growth of the customer base.
SmartDrive has seen impressive business results, completing record quarter of bookings growth in Q3 by adding new customers and expanding deployment at existing customers. SmartDrive has also taken a leadership role in the national discussion around distracted driving with the release of the quarterly SmartDrive Distracted Driving Index(TM). This positive business momentum, coupled with the additional funding, will help drive rapid growth in 2010.
SmartDrive has also named Dave Vucina Chairman of the Board, effective immediately. Mr. Vucina was most recently the CEO of Wayport Inc., a privately held venture backed wireless company recently acquired by AT&T, and is currently a member of the Board of Directors of ooVoo, a video teleconferencing company based in New York City, and also serves on the advisory Board of Silver Creek Venture Fund, based in Dallas, and RigNet, a provider of sophisticated communication services for oil rigs globally, headquartered in Houston.
“Attracting world-class talent for our Board, and securing continued capital from our investment partners is a testament to SmartDrive’s effective solution for this growing market,” said Greg Drew, President and CEO of SmartDrive Systems. “Dave’s experience and strategic acumen make him an outstanding new voice on the SmartDrive team.”
Added Vucina, “I’m thrilled to be joining SmartDrive at this pivotal point in their growth. The market for technology solutions for fleet safety and efficiency will continue to grow, and SmartDrive is well-positioned to lead the next phase of innovation in this important space.”
About SmartDrive Systems
SmartDrive delivers innovative solutions that make it easy for fleet managers to improve driver safety and reduce operating cost. SmartDrive records comprehensive video-based data from the road, then thoroughly reviews and scores critical events and recommends action for fleet managers to quickly respond and deliver sustainable savings – all through an easy-to-use managed service. SmartDrive Systems is based in San Diego, and employs approximately 300 people worldwide. For more information, please visit www.smartdrive.net.