Intelligent Imaging Systems Inc. (IIS) and its wholly owned subsidiary Drivewyze Inc. announced the close of a $60 million minority financing by Sageview Capital, a growth capital firm investing in tech-enabled businesses. This new investment will help IIS/Drivewyze continue to scale its connected truck platform in the commercial vehicle services market and achieve continued strong growth in SaaS revenue.
With this investment, two members of the Sageview team will join the IIS Board of Directors – Scott Stuart, co-founder and managing partner, and Andrew Korn, partner.
“Sageview provides growth capital to leading companies with a demonstrated track record of success and compelling market opportunity. IIS and Drivewyze provide fleets, transportation companies, and government agencies unique technology solutions to cut costs, gain efficiencies, and improve safety. The ROI from the company’s products is significant, and customer satisfaction is very impressive,” said Stuart.
IIS provides public agencies and infrastructure owners with Smart Roadside, the most advanced smart infrastructure platform available to improve transportation safety and efficiency. Drivewyze provides a SaaS- based connected truck platform that connects vehicles and infrastructure for drivers, fleets, telematics partners, and government agencies. The company’s industry-leading applications include PreClear, North America’s largest weigh station bypass service, and Drivewyze Safety Notifications, which provides drivers with low bridge, high rollover, and steep grade notices throughout North America.
“With weigh station bypass, the company has a proven ability to leverage fleet safety to increase driver productivity and reduce fuel costs,” Stuart added. “We believe that IIS/Drivewyze is an exciting addition to the Sageview portfolio, and we are excited to provide the company with financial and operational support as it continues to achieve impressive growth and extends its position as a clear market leader.”
“We are very excited to have Sageview Capital partner with us to accelerate our company’s growth plans,” said Brian Heath, president and CEO of IIS. “Our strategy is to leverage the connected truck platform we’ve built and use it to revolutionize transportation safety and efficiency. We look forward to reaching new heights of success.”
