SmartDrive Systems Raises $50 Million, Closes Out Record Year
March 30, 2015—SmartDrive Systems, a leader in driving performance solutions that reduce collisions and improve fuel efficiency, announced that it has raised $50 million in funding to fuel the company's global expansion, further propel product innovation, and support the brand's growing patent portfolio.
"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. 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."
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. The financing will also enable SmartDrive to build upon the strategic partnerships and customer acquisitions it established in 2014, which was a record year of growth for the company. In addition to numerous new customers adopting, SmartDrive also experienced fleets switching from competitive solutions, which the company attributes to the value delivered, the focus on exceptional customer service, and the robust technology.
"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, 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."