Intelligent Imaging Systems (IIS) and its subsidiary, Drivewyze, said Thursday that it has received US$7.5 million in Series A financing. Emergence Capital Partners and iNovia Capital led the round. The funding will be used for product development in addition to sales and marketing expansion. Headquartered in Edmonton, Alberta and Burlingame, Calif., IIS and Drivewyze are providers of transportation technology. Update: IIS and Drivewyze were previously backed by BDC Subordinate Financing, the quasi-equity investment arm of the Business Development Bank of Canada.
BURLINGAME, Calif.–(BUSINESS WIRE)–Intelligent Imaging Systems (IIS) and its sister company, Drivewyze, have announced a $7.5 million round of funding led by Emergence Capital Partners and iNovia Capital. Under the direction of experienced transportation technology executive Brian Heath, IIS and Drivewyze have created a disruptive mobile application targeting the transportation industry. The Series A funding will be used for sales and marketing expansion of the Drivewyze PreClear wireless weigh station bypass service, as well as new product development.
Founded in 2003 in Edmonton, Alberta, IIS is a leading road safety technology innovator. The company launched Drivewyze in 2012 as a standalone division to market a new mobile-based weigh station bypass system for commercial truck operators. Fleets with good safety scores can use Drivewyze PreClear to “bypass” weigh stations up to 98 percent of the time, avoiding costly inspection delays. The ROI for using the service is one of the best in the trucking industry.
“By leveraging our Commercial Mobile Radio Service (CMRS) transponder technology, we have created a game changer for the trucking industry,” said Brian Heath, president and CEO of IIS and Drivewyze. “Fleets can access more sites and higher ROI services without the limitations of traditional roadside hardware. All you need is a web and GPS-enabled device in the cab. Our integration partnerships with the industry’s top in-vehicle fleet technology providers, PeopleNet, XRS and Zonar, will give fleets instant opt-in access to our service.”
Drivewyze PreClear is already available at 223 locations across 16 states. New states continue to adopt Drivewyze, and new Drivewyze-enabled inspection sites are added each month. The Series A funding will help Drivewyze achieve its goal of full national coverage in 2014. Fleet customers can also utilize the Drivewyze service on Android, iOS and Blackberry tablets and smartphones.
“At Emergence Capital, we have seen mobile technology allow workers in many large industries to take advantage of the cloud,” said Emergence Capital partner Brian Jacobs. “IIS and Drivewyze are using the cloud to redefine road safety and driver productivity. It is clear that states are embracing Drivewyze PreClear and fleets are seeing a significant financial return.”
Shawn Abbott, iNovia Partner, added, “Drivewyze is a perfect example of our investment thesis at work; that large existing industries — in this case transportation — can derive radical benefit from new services leveraging the now ubiquitous mobile Internet.”
About IIS and Drivewyze
Intelligent Imaging Systems Inc. (IIS) and its subsidiary, Drivewyze, are innovative leaders in the transportation technology industry. Founded in 2003, IIS provides award-winning road safety equipment and software services to government agencies across North America. Drivewyze was established in 2010 and launched its first offering, Drivewyze PreClear, in 2012. Drivewyze PreClear is the world’s first weigh station bypass service to leverage Commercial Mobile Radio Service (CMRS) transponder technology. This breakthrough allows Drivewyze PreClear to integrate with top fleet technology offerings such as PeopleNet, XRS, and Zonar. Partnering with industry and government stakeholders to deliver time-saving and cost-effective driving solutions to commercial vehicle operators and carriers, Drivewyze provides unsurpassed business value to the trucking industry. For more information, visit www.drivewyze.com or call 1-888-988-1590.
About Emergence Capital Partners
Emergence Capital Partners, based in San Mateo, Calif., is the leading venture capital firm focused on early and growth-stage SaaS and technology-enabled services companies. Its mission is to empower business users and organizations around the globe by unleashing the power of technology-enabled Services. The firm’s investments include Salesforce.com (CRM), SuccessFactors (acquired by SAP), Yammer (acquired by Microsoft), Box, Lithium, Hightail (formerly YouSendIt), and Veeva Systems. Founded in 2003, Emergence Capital has $575 million under management. More information on Emergence Capital can be found at http://www.emcap.com/ (@emergencecap).
About iNovia Capital
iNovia Capital partners with exceptional entrepreneurs to build successful companies in high-growth sectors. The team is comprised of founders, builders and engineers focused on Mobile, Internet and Digital Media. iNovia has $275M under management across three seed and early-stage funds. For more information, visit www.iNovia.vc (Twitter: @iNovia).
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