SmartDrive Systems Secures $47M in Venture Funding

Provides capital to extend industry-leading solutions for fleet safety, fuel efficiency and productivity

San Diego, California – June 18, 2012 – SmartDrive Systems, a market leader in driving intelligence solutions that improve safety, reduce collisions and improve fuel efficiency, announced it has secured $47 million in additional venture funding. Led by existing investors Oak Investment Partners and New Enterprise Associates, as well as new investor Stanford University, the new round of financing will accelerate customer adoption, channel partnerships and the company’s industry-leading research and development.

SmartDrive has created a unique driving performance program that enables fleets to increase operating efficiency and safety — improving fuel efficiency by up to 30%, saving as much as $12,000 per vehicle annually, and reducing collisions by as much as 80%. In addition, the company has compiled the world’s largest database of risky driving events, more than 44 million recorded unsafe driving incidents. The SmartDrive Safety and Fuel programs are used by public and private fleets across industries, including public transit, commercial trucking, waste hauling, food and beverage delivery, and shuttle operators.

“Fleets of all types rely on us to improve driving performance — across tens of thousands of vehicles and drivers. Every day our customers and drivers are realizing safer conditions and real cash savings, and with this investment we will bring our proven benefits to an ever-greater number of fleets and drivers. We’re gratified by the confidence of our investors, and their shared belief in our mission to help fleets increase safety and productivity,” said Steve Mitgang, SmartDrive CEO.

“Backing our investment in Smart Drive was an easy decision; the company’s prospects for growth are tremendous. This capital infusion will support further technology development and fuel the accelerated growth of new customers. We firmly believe that SmartDrive will continue to out-distance the competition by offering a superior solution based on innovation. With customers seeing material results within weeks of deployment, we see this as an enormous market opportunity,” noted SmartDrive Board Chairman Dave Vucina.

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 140 million analyzed risky-driving events. SmartDrive Systems is based in San Diego, Calif., and employs over 500 people worldwide.

For more information on SmartDrive Systems, please visit www.smartdrive.net.

 

Contact or Follow SmartDrive on:

Email – tryuson@smartdrive.net
Facebook –http://www.facebook.com/smartdrivesystemsinc
Twitter –http://www.twitter.com/smartdriveinc
YouTube –http://www.youtube.com/smartdrivesystemsinc
LinkedIn –http://www.linkedin.com/company/smartdrive-systems

 

Media Contact:

Havas Formula for SmartDrive Systems
smartdrive@formulapr.com
619-234-0345

  • Posted by Melissa.Senoff@smartdrive.net
  • On 18 June 2012
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