SmartDrive Systems, a US-based telematics system developer backed by vehicle control technology producer Wabco and tyre manufacturer Michelin, has raised $90m from joint investment venture TPG Sixth Street Partners.
Founded in 2005, SmartDrive has created a video-based in-car telematics system that gives drivers information on their vehicle’s performance in real time, promoting safety, helping to save fuel and providing detailed analytics.
The came after SmartDrive raised an undisclosed sum in a late 2017 round led by Michelin North America that included Wabco, Oak Investment Partners and New Enterprise Associates (NEA). The latter three had invested $50m in the company two years earlier.
SmartDrive had previously raised about $50m according to press releases and regulatory filings, from investors including NEA, Oak Investment Partners, Edelson Technology Ventures, Stanford University, Revolution Ventures, Founders Fund and Western Technology Investments.
Steve Mitgang, SmartDrive’s CEO, said: “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.”
PJT Partners was financial adviser and placement agent for SmartDrive in the deal while Pillsbury Winthrop Shaw Pittman was legal counsel. Sidley Austin was legal counsel for TPG Sixth Street Partners, a joint venture between private equity group TPG and investment firm Sixth Street Partners.
