SmartDrive Systems Inc. has announced its $46 million Series D round of funding has concluded. The service was funded by Oak Investment Partners and New Enterprise Associates, in addition to existing investors Revolution Ventures, The Founders Fund, Edelson Technology Ventures, and Western Technology.
SmartDrive consists of an on-board video device, a professional services offering and a web-accessible software management console that trigger a video capture of accidents or unsafe driving incidents and transmits the events to the SmartDrive operations center. The events and data are then viewable on private web portals by fleet managers, risk managers, drivers and company executives. It also can be used to assess liability in collisions.
According to the company, fleet managers using the system can predict and prevent crashes, saving millions of dollars for a typical mid-sized fleet by cutting accident frequency 50% or more within six months.
"Attracting the combined leadership of unrivalled venture capital funds like Oak and NEA is a rare privilege for any technology company," said Jim Plante, the company's co-founder and CEO. "For SmartDrive, it is a testament to our position as an industry leader and an affirmation to our more than 300 team members worldwide who are committed to delivering the best measured safety program in the industry. With this $46 million of new funding, we'll be able to offer an even greater level of service and product advantage to our global customer base."