SmartDrive Systems, a San Diego, Calif.-based provider of driving performance solutions, raised $50m in funding.
Backers included Oak Investment Partners, New Enterprise Associates and WABCO (NYSE: WBC) (which committed $20m and signed an agreement to integrate SmartDrive’s video-based analytics solutions for its commercial vehicle fleets worldwide).
The company intends to use the funds for global expansion, product innovation and growth of patent portfolio.
Led by Steve Mitgang, CEO, SmartDrive Systems provides video based safety technology for fleets and drivers to access to driving performance insight and analysis to improve skills and lower operating costs.
The company employs over 400 people worldwide.