SmartDrive Systems Raises $47M in Funding
SmartDrive Systems, a San Diego, CA-based provider of driving intelligence solutions, has raised $47m in venture funding.
Backers include existing investors Oak Investment Partners and New Enterprise Associates, as well as new investor Stanford University.
The company intends to use the funding to accelerate customer adoption, channel partnerships and research and development.
Led by CEO Steve Mitgang, SmartDrive has created a driving performance program that enables fleets to increase operating efficiency and safety, improving fuel efficiency and reducing collisions. In addition, the company has compiled a large database of risky driving events. Its 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.
SmartDrive Systems employs over 375 people worldwide.