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By capturing large amounts of data across vehicle systems, the company's platform provides critical context and insights to commercial fleet operators, which leads to improvements in driver performance, safety, and compliance.
FREMONT, CA: San Diego based startup SmartDrive raised USD 90 million in a funding round led by TPG Sixth Street Partners, with participation from existing investors. The company, a leader in video-based safety telematics and transportation intelligence, will use the investment to fuel continued innovation and support strategic growth initiatives.
SmartDrive, established in 2005, is a pioneer and recognized innovator in video-based telematics, backed by significant financial and strategic investors like NewView Capital, Oak Investment Partners, WABCO, and Michelin. By capturing large amounts of data across vehicle systems, the company's platform provides critical context and insights to commercial fleet operators, which leads to improvements in driver performance, safety, and compliance.
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"This is an exciting time at SmartDrive and in the transportation sector overall as the adoption of video-based telematics continues to accelerate. Building on our pioneering video-based safety program, our vision of an open platform powering best-of-breed video, compliance and telematics applications is garnering significant traction across a diverse range of fleets given the benefits of choice, flexibility and a lower total cost of ownership. The investment from TPG Sixth Street Partners and our existing investors will fuel continued innovation in areas such as computer vision and AI, while also enhancing sales and marketing initiatives and further international expansion," stated Steve Mitgang, SmartDrive CEO.
The continuous rapid growth experienced by SmartDrive is reflective of how video-based telematics delivered via an open, extensible platform is a priority for fleets. SmartDrive has a proven track record of bringing innovation in telematics with industry firsts like as multi-camera 360-degree views, extended recording, U-turn triggering and use of analytics to enhance driver rewards influencing safety, fuel, and retention.
"SmartDrive is a market leader in the large and expanding transportation safety and intelligence sector, and we are pleased to be investing in a growing company led by such a talented team. SmartDrive's proprietary data analytics platform and strong subscriber base put it in a great position to continue to capitalize on its track record of innovation and the broader secular trend of higher demand for safer and smarter transportation," noted Bo Stanley, partner, and co-head of the Capital Solutions business at TPG Sixth Street Partners.
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