SmartDrive Systems has raised $47 million in additional venture funding led by Oak Investment Partners and New Enterprise Associates. Stanford University, a new investor, also participated. San Diego-based SmartDrive provides driving intelligence solutions that aim to improve safety, reduce collisions and improve fuel efficiency.
SmartDrive Systems, a market leader in driving intelligence solutions that improve safety, reduce collisions and improve fuel efficiency, announced it has secured $47 million in additional venture funding. Led by existing investors Oak Investment Partners and New Enterprise Associates, as well as new investor Stanford University, the new round of financing will accelerate customer adoption, channel partnerships and the company’s industry-leading research and development.
SmartDrive has created a unique driving performance program that enables fleets to increase operating efficiency and safety — improving fuel efficiency by up to 30%, saving as much as $12,000 per vehicle annually, and reducing collisions by as much as 80%. In addition, the company has compiled the world’s largest database of risky driving events, more than 44 million recorded unsafe driving incidents. The SmartDrive Safety and Fuel programs are used by public and private fleets across industries, including public transit, commercial trucking, waste hauling, food and beverage delivery, and shuttle operators.
“Fleets of all types rely on us to improve driving performance — across tens of thousands of vehicles and drivers. Every day our customers and drivers are realizing safer conditions and real cash savings, and with this investment we will bring our proven benefits to an ever-greater number of fleets and drivers. We’re gratified by the confidence of our investors, and their shared belief in our mission to help fleets increase safety and productivity,” said Steve Mitgang, SmartDrive CEO.
“Backing our investment in SmartDrive was an easy decision; the company’s prospects for growth are tremendous. This capital infusion will support further technology development and fuel the accelerated growth of new customers. We firmly believe that SmartDrive will continue to out-distance the competition by offering a superior solution based on innovation. With customers seeing material results within weeks of deployment, we see this as an enormous market opportunity,“ noted SmartDrive Board Chairman Dave Vucina.
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. The company has compiled the world’s largest database – more than 44 million events – of real-time, risky-driving incidents. SmartDrive Systems is based in San Diego, CA, and employs over 375 people worldwide. For more information, please visit www.smartdrive.net.