SmartDrive builds video-based telematics and transportation-insights platforms for commercial fleets, ingesting sensor and multi-camera data to analyze driver performance. Its analytics offer multi-camera 360-degree views, extended recording, U-turn triggering, and diagnostics that identify driver behaviors and fuel-usage opportunities. The company says its solutions have driven driver retention rates of 70% or higher and delivered improvements to about 9 mpg on trips versus industry averages of 20% retention and 6 mpg. SmartDrive reported contracted units up 48% and sales up 44% in the first half of this year. Founded in 2005 and based in San Diego, it plans to invest the new funding in computer vision and AI, expand sales and marketing, and pursue further international expansion. The company does not disclose a current valuation; PitchBook’s 2017 valuation of $290M would imply roughly $380M today, though the article noted it may be higher. SmartDrive develops a proprietary system of video cameras and backend analytics that capture driver behavior 15 seconds before and after events and deliver actionable safety and fuel-efficiency recommendations to fleet managers. Its platform is sold to commercial trucking, municipal bus systems and other large fleets, with customers including Brink’s, Loomis, The Salvation Army and Veolia’s transit and SuperShuttle operations. The company says customers typically see collisions fall by about 60 percent within six months and fuel consumption drop roughly 20 percent in the first five to six weeks of operation; one customer reported $400,000 saved in reduced insurance premiums. SmartDrive has invested more than $30 million in R&D to build the technology and is increasing spending on sales and marketing as business doubled over the past year. Management is targeting long-haul trucking, garbage fleets, city buses, oil and gas transport and delivery fleets with 100+ vehicles to drive further adoption.

Total raised

$137M

Funding rounds

2

Latest round

Equity

Latest activity

Sep 2019