Investment will fuel continued innovation and support strategic growth initiatives
SmartDrive Systems, Inc. (SmartDrive), a leader in video-based safety telematics and transportation intelligence, has secured $90 million in financing, with TPG Sixth Street Partners leading the investment with participation from existing investors.
Established in 2005, SmartDrive is a pioneer and recognized innovator in video-based safety telematics, backed by leading financial and strategic investors including NewView Capital, Oak Investment Partners, WABCO, and Michelin, in addition to TPG Sixth Street Partners. The company’s platform captures vast amounts of data across vehicle systems to provide critical context and insights to commercial fleet operators, leading to improved driver performance, safety, and compliance. SmartDrive’s advanced data-driven safety programs can be tailored to address the needs of a wide range of fleets, delivering lower collision and fuel costs, resulting in a compelling value proposition and clear ROI.
“This is an exciting time at SmartDrive and in the transportation sector overall as adoption of video-based telematics continues to accelerate,” Steve Mitgang, SmartDrive CEO, states. “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.”
A BRAND OF INNOVATION
SmartDrive continues to experience rapid growth, reflecting how video-based telematics delivered via an open, extensible platform is a priority for fleets. The company has a proven track-record of innovation in telematics—including industry-firsts such as multi-camera 360-degree views, extended recording, U-turn triggering, and use of analytics to enhance driver rewards influencing safety, fuel, and retention. Fleets leveraging the SmartDrive® program consistently achieve driver retention rates of 70% or higher and 9 mpg, significantly exceeding industry averages of 20% driver retention and 6 mpg. As evidence of market momentum, SmartDrive’s contracted units grew 48% and revenue grew 44% for the first half of 2019 compared to the same period in the prior year.
“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,” Bo Stanley, partner and co-head of the Capital Solutions business at TPG Sixth Street Partners, notes. “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.”
Find out more, visit www.smartdrive.net.