Michelin Secures Equity Stake in SmartDrive Systems for Commercial Transport Analytics
ORLANDO, Fla., Oct. 22, 2017—SmartDrive Systems, a leader in video safety and transportation intelligence, today announced that Michelin North America has led a preferred-stock round of investment in the company. Michelin’s investment in SmartDrive continues the expansion of its strategy for fleet telematics and mobility services. SmartDrive will leverage the investment to fuel its continued growth in video analytics and transportation intelligence, with a particular emphasis in the areas of R&D, sales and marketing, and expansion in North America and international markets.
SmartDrive Systems has developed an innovative video analytics platform that identifies risk and captures video from multiple vantage points around the commercial vehicle, which is combined with engine computer, sensor and GPS-enabled data to deliver real-time analysis, predictive analytics and other programs that improve the commercial driver’s skill and efficiency while operating the vehicle. With a database of over 200 million real-world risky driving events across 7 billion miles driven (and growing at a rate of 1 billion miles quarterly) and an open architectural platform design, SmartDrive has been able to rapidly innovate in the areas of risk identification, sensor fusion, compliance and security, fuel efficiency and actionable performance metrics.
Established in 2004, SmartDrive Systems offers driving performance, safety, security and compliance solutions that are installed on commercial vehicles, buses, motor coaches and trains. Established in 2004, the firm has subsidiaries operating in China, the United Kingdom and India.
“The transportation sector is at the forefront of today’s technology innovation curve. This investment from one of the world’s foremost safety brands will help us continue our fast-paced innovation, allowing us to serve new verticals and expand our business into new markets,” said Steve Mitgang, CEO of SmartDrive.
Michelin’s investment joins other existing investors New Enterprise Associates, Oak Investment Partners and WABCO. Financial and other terms are not disclosed.
About Michelin North America, Inc.
Dedicated to the improvement of sustainable mobility, Michelin designs, manufactures and sells tires for every type of vehicle, including airplanes, automobiles, bicycles, earthmovers, farm equipment, heavy-duty trucks and motorcycles. The company has earned a long-standing reputation for building innovative premium tires. In addition to tires, the company also publishes travel guides, hotel and restaurant guides, maps and road atlases. Headquartered in Greenville, S.C., Michelin North America (www.michelinman.com) employs about 22,700 and operates 19 major manufacturing plants.
About SmartDrive Systems
SmartDrive Systems, the recipient of Frost & Sullivan’s Customer Value Leadership Award for Video Safety Solutions, 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, which is ranked as one of the fastest growing companies by Deloitte’s Technology Fast 500™, has compiled the world’s largest storehouse of more than 200 million analyzed risky-driving events. SmartDrive Systems is based in San Diego, and employs over 650 people worldwide.
For more information on SmartDrive Systems, please visit www.smartdrive.net.
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Havas Formula for SmartDrive Systems
- Posted by Melissa.Senoff@smartdrive.net
- On October 22, 2017