SmartDrive Systems announced that Michelin has led a preferred-stock round of investment in the company. Michelin’s investment in SmartDrive continues the expansion of its strategy for fleet telematics and mobility services. SmartDrive will leverage the investment to fuel its continued growth in video analytics and transportation intelligence, with a particular emphasis in the areas of R&D, sales and marketing, and expansion in North America and international markets.
SmartDrive Systems has developed an innovative video analytics platform that identifies risk and captures video from multiple vantage points around the commercial vehicle, which is combined with engine computer, sensor and GPS-enabled data to deliver real-time analysis, predictive analytics and other programs that improve the commercial driver’s skill and efficiency while operating the vehicle. With a database of over 200 million real-world risky driving events across 7 billion miles driven (and growing at a rate of 1 billion miles quarterly) and an open architectural platform design, SmartDrive has been able to rapidly innovate in the areas of risk identification, sensor fusion, compliance and security, fuel efficiency and actionable performance metrics.
“The transportation sector is at the forefront of today’s technology innovation curve. This investment from one of the world’s foremost safety brands will help us continue our fast-paced innovation, allowing us to serve new verticals and expand our business into new markets,” said Steve Mitgang, CEO of SmartDrive.
Michelin’s investment joins other existing investors New Enterprise Associates, Oak Investment Partners and WABCO. Financial and other terms are not disclosed.