Johan Carlsson, president of Volvo Group Venture Capital, said the reason for the investment is that the two companies share what he terms a “common vision,” which is to reduce traffic accidents worldwide.
“Complementary to our … position in the global truck manufacturing market, Volvo Group is also focused on the human element in reducing accidents; an area where DriveCam is a clear leader,” Carlsson added. “This strategic investment enables the commercial vehicle industry to benefit from our collaborative development efforts, while it also supports the Volvo Group’s vision to become the world leader in sustainable transport solutions.”
“[We] both believe that there is only one acceptable number of accidents in driving – zero,” added Brandon Nixon, DriveCam’s chairman and CEO. “And since the human element plays a role in nine out of 10 accidents, the driver risk management solutions that DriveCam has pioneered are essential to both companies reaching our common goal of zero accidents on the road.”
Volvo Group Venture Capital pointed out that this transaction has no significant impact on the Volvo Group’s earnings or financial position and its objective is to accelerate new business growth; part of an overall strategy by the venture capital firm to invest in companies driving service orientation and product differentiation in the transport industry.