San Diego-based SmartDrive Systems, which makes video cameras used to improve driving safety, announced Monday it has raised $50 million in new funding.
The funding, provided by Oak Investment Partners, New Enterprise Associates and WABCO, will fund the company’s global expansion and product development. WABCO, which invested $20 million, will integrate SmartDrive’s next-generation video analytics solutions into commercial vehicle fleets.
“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 for the 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.”
SmartDrive provides video analysis, predictive analytics and personalized performance programs to help commercial fleets improve driving skills and lower operating costs. The company has compiled a data storehouse of more than 100 million analyzed risky-driving events.
“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,” said Steve Mitgang, CEO of SmartDrive. “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.”
The privately-held company was founded in 2004 and employs over 400 people worldwide.
>> Subscribe to Times of San Diego’s free daily email newsletter! Click hereFollow Us: