Idelic Raises $2 Million Round Led by Bain Capital Ventures
Nov 09, 2018, 12:19 ET
PITTSBURGH, Nov. 9, 2018 /PRNewswire/ -- Idelic, a Pittsburgh-based data and analytics platform for improving safety in the transportation industry, closed a $2 million financing round led by Bain Capital Ventures. TDF Ventures and SaaS Venture Capital also joined current investors Birchmere Ventures and M25 Group in the financing. In conjunction with the financing, Kevin Zhang of Bain Capital Ventures and Idelic Co-Founder Nick Bartel joined the company's Board of Directors.
"We're thrilled to partner with Hayden, Nick, and the Idelic team as they leverage cutting-edge machine learning and data integration to empower trucking fleets to support driver safety and performance," said Kevin Zhang. "Founded by Carnegie Mellon alumni, and starting as an internal project at leading carrier PITT OHIO, Idelic is leveraging their highly relevant, born-in-Pittsburgh DNA to build better products addressing $10B in annual spending on transportation risk management, safety reporting, and personnel supervision."
The Idelic Safety Suite is a software-as-a-service (SaaS) platform that integrates and analyzes third-party fleet systems; proprietary machine learning technology identifies at-risk drivers and helps fleets assign corrective action before accidents happen. The company collaborated with Carnegie Mellon University's Master of Science in Information Technology (MSIT) program to create powerful algorithms that can predict which drivers are most at risk for accidents, incidents, injuries, violations, and citations.
"The ability for fleets to integrate and analyze the vast amount of data they collect from many disparate and expensive systems is a far-reaching and painful problem within the transportation industry," said Idelic CEO Hayden Cardiff. "For the first time, Safety Suite transforms this siloed data into actionable insights, positively impacting all drivers out on the road. With one comprehensive platform in place, our customers are able to prevent accidents, reduce driver turnover, and lower their insurance costs, significantly improving their bottom lines."
The American Trucking Association (ATA) recently announced Idelic as a Featured Product. "Improving driver safety procedures benefits not only the efficiency and profitability of a company, but also the livelihood of our drivers and our industry," said ATA President and CEO Chris Spear. "Being able to monitor the effectiveness of their current procedures while also making adjustments for improvement are why our members are investing in products like those offered by Idelic."
Idelic was also selected alongside Peloton Technology and Brisk Synergies by Together For Safer Roads (TSR), an innovative coalition of global private sector companies collaborating to improve road safety, to be a member of their Global Entrepreneur Program. TSR member companies include AB InBev, AIG, AT&T, General Motors, Ericsson, Pepsico, Republic Services, Lyft, UPS, and Walmart.
Idelic will use the funds to expand its machine learning and predictive analytics talent, grow its sales team to meet national demand, and augment the features, such as targeted performance improvement plans, of its flagship safety and risk management platform, the Idelic Safety Suite.
About Idelic
Idelic helps transportation fleets save time, money, and lives. By leveraging powerful machine learning predictive analytics, comprehensive data management, and extensive third party integrations, the company provides a custom enterprise solution for safety managers to automate compliance, predict at-risk drivers, and prescribe action before accidents happen. For more information about Idelic and the Idelic Safety Suite, call toll free at (877) 4-IDELIC or visit www.idelic.com.
Contact: Geena Barberio, 724-953-8897, [email protected]
SOURCE Idelic