Volvo Group Invests in DriveCam, Inc.
DriveCam, Inc. today announced that Volvo Group Venture Capital, a subsidiary to the Volvo Group (manufacturers of trucks, buses, construction equipment, and marine and industrial engines), has made a strategic investment in DriveCam, a global driver risk management company. Through the investment, Volvo Group becomes a minority shareholder in the company.
“Volvo Group and DriveCam have a common vision - to reduce traffic accidents worldwide,” says Johan Carlsson, President of Volvo Group Venture Capital. “Complementary to our leading position in the global truck manufacturing market, Volvo Group is also focused on the human element in reducing accidents, an area where DriveCam is a clear leader. This strategic investment enables the commercial vehicle industry to benefit from our collaborative development efforts, while it also supports the Volvo Group’s vision to become the world leader in sustainable transport solutions.”
“Volvo Group and DriveCam both believe that there is only one acceptable number of accidents in driving – zero,” said DriveCam Chairman and CEO Brandon Nixon. “And since the human element plays a role in nine out of 10 accidents, the driver risk management solutions that DriveCam has pioneered are essential to both companies reaching our common goal of zero accidents on the road.”
For several decades, Volvo Group has studied and analyzed a large number of accidents involving trucks. This information has been, and still is, one of the most important bases for the design and development of Volvo Group’s trucks. These investigations have resulted in numerous safety related improvements already in place in today’s trucks.
DriveCam prevents collisions and reduces fuel costs by improving the way people drive. DriveCam’s solution addresses the causes of poor driving by combining data and video analytics with real-time driver feedback and coaching.
Volvo Group Venture Capital is part of the Volvo Group. With the objective of accelerating new business growth, Volvo Group Venture Capital invests in companies driving service orientation and product differentiation in the transport industry.
Volvo Group has agreed with DriveCam not to disclose the details of the transaction. The transaction has no significant impact on the Volvo Group’s earnings or financial position.