SmartDrive Raises $50 Million to Expand Video-Based Safety Technology
SmartDrive Systems, a provider of video-based safety technology, has received $50 million in funding to support its global expansion and product development efforts.
The financing was provided by venture capital firms Oak Investment Partners and New Enterprise Associates as well as Wabco, a supplier of safety technologies for commercial vehicles.
SmartDrive CEO Steve Mitgang said the investment will accelerate the company’s growth in new sectors and international markets, and support new technology and services, including those jointly developed with Wabco, which invested $20 million of the total funding.
Wabco also has signed an agreement to integrate next-generation video-based analytics products for fleets across the globe, SmartDrive said.
“There is significant momentum around video analytics in the transportation sector,” Mitgang said in a statement. “Working alongside safety technology providers like Wabco has proven the value of combining real-time data from active safety systems, video and predictive analytics to identify and assess material risk that goes unnoticed in other solutions.”
Last year, Wabco and SmartDrive announced a partnership to integrate their products and services.
“Extending beyond the strategic alliance we initiated in 2014, our investment in SmartDrive is a natural extension of the relationship and a testament to the company’s significant potential, strong leadership team and word-class technology,” said Nik Varty, president of Wabco Americas.
