SAN DIEGO, March 30, 2015 /PRNewswire/ -- SmartDrive Systems, a leader in driving performance solutions that reduce collisions and improve fuel efficiency, today announced that it has raised $50 million in funding —validating the company's video based safety technology as best-in-class and poised for widespread market adoption. The funding, provided by Oak Investment Partners, New Enterprise Associates and WABCO, will 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."
For more information on SmartDrive Systems, please visit www.smartdrive.net.
About SmartDrive Systems
SmartDrive Systems gives fleets and drivers unprecedented driving performance insight and analysis, helping save fuel, expenses and lives. Its video analysis, predictive analytics and personalized performance program help fleets improve driving skills, lower operating costs and deliver significant ROI. With an easy-to-use managed service, fleets and drivers can access and self-manage driving performance anytime, anywhere. The Company has compiled the world's largest storehouse of more than 100 million analyzed risky-driving events. SmartDrive Systems is based in San Diego, Calif., and employs over 400 people worldwide.
WABCO (NYSE: WBC) is a leading innovator and global supplier of technologies that improve the safety and efficiency of commercial vehicles. Founded nearly 150 years ago, WABCO continues to pioneer breakthrough products and systems for braking, stability, suspension, transmission automation, and aerodynamics. Today, all of the world's leading truck, bus and trailer manufacturers have WABCO technologies onboard. In addition, WABCO provides the industry with advanced fleet management solutions and aftermarket services. WABCO reported sales of $2.9 billion in 2014. The company is headquartered in Brussels, Belgium, and has 11,000 employees worldwide. For more information, visit www.wabco-auto.com.
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SOURCE SmartDrive Systems