SmartDrive Systems offers a video-based safety telematics and transportation intelligence platform that captures video and vehicle-system data to deliver context and insights to commercial fleet operators. Its advanced data-driven safety programs aim to improve driver performance, safety, and regulatory compliance. Programs can be tailored to a wide range of fleets and are marketed as reducing collisions and fuel costs, providing clear ROI. The company was established in 2005, is led by CEO Steve Mitgang, and is based in San Diego. SmartDrive employs over 725 people worldwide. It plans to use the new funding to accelerate innovation in computer vision and AI, enhance sales and marketing, and further international expansion. The company reported securing $90M in financing to support these initiatives. San Diego-based SmartDrive Systems develops video- and sensor-based driver safety systems used primarily by commercial fleets. The company said it will use new funding to expand its strategy for fleet telematics and mobility services. SmartDrive plans to invest the proceeds in R&D, sales and marketing, and expansion in North America and international markets. The company is led by CEO Steve Mitgang. Michelin North America made the new investment alongside continued support from existing investors New Enterprise Associates, Oak Investment Partners and WABCO. The size of the preferred-stock investment was not disclosed. SmartDrive Systems is a San Diego-based provider of video-based safety technology for commercial fleets. The company offers video-based analytics that give fleets and drivers access to driving performance insight and analysis to improve skills and lower operating costs. Led by CEO Steve Mitgang, SmartDrive employs over 400 people worldwide. The company said it will use new funding for global expansion, product innovation and to grow its patent portfolio. SmartDrive raised $50M in the reported financing from strategic and financial investors. WABCO committed $20M and agreed to integrate SmartDrive’s video-based analytics into its commercial vehicle fleets worldwide. SmartDrive Systems builds driving intelligence solutions that record comprehensive video-based road data, review and score critical events, and deliver a managed service for fleet managers to improve driver safety. Its 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. The company says its programs can improve fuel efficiency by up to 30%, save as much as $12,000 per vehicle annually, and reduce collisions by as much as 80%. SmartDrive has compiled the world’s largest database of risky driving events, with more than 44 million recorded unsafe driving incidents. The company is based in San Diego and employs over 375 people worldwide. Following a newly announced $47 million venture funding round, SmartDrive plans to accelerate customer adoption, expand channel partnerships, and advance industry-leading research and development. SmartDrive Systems provides fleet management and video-based driver safety solutions aimed at reducing collisions and improving liability insights for fleet managers. Its flagship SmartDrive Safety system records driver video to show causes of accidents — for example, driver distraction or third-party fault — and the company says it can cut collision frequency by as much as 50%. Beyond safety, SmartDrive has developed SmartDrive Operations to help operators lower fuel costs by tracking off-route and off-hours usage, speed monitoring and educating drivers on efficiency. An ongoing study reported by the company found fuel consumption reductions up to 24% through eco-driving measures such as avoiding idling and not driving too fast. Financially, SmartDrive has secured $10.1 million of a planned $11.5 million financing per an SEC filing, with participation from existing backers including X/Seed Capital Management, Oak Investment Partners and New Enterprise Associates. The company says it will use the new funding to broaden the scope of its AI, including automating new administrative tasks.

Total raised

$222M

Funding rounds

6

Latest round

Equity

Latest activity

Sep 2019