SmartDrive Systems raised $50 million in funding to support the company’s global expansion, propel product innovation and support the brand’s growing patent portfolio.
The companies who contributed to the total amount included: Oak Investment Partners, New Enterprise Associates and WABCO.
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.
“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.”