Vehicle safety equipment maker Wabco has invested $20m in US-based driving performance technology developer SmartDrive Systems as part of a $50m funding round.
Private equity firm Oak Investment Partners and venture capital firm New Enterprise Associates (NEA) also participated in the round, having previously backed a $47m round for SmartDrive in 2012 that included Stanford University.
SmartDrive has created a system that uses video and predictive analysis technology to help individual drivers in larger fleets improve their driving and lower the cost of operating their vehicles.
Steve Mitgang, SmartDrive’s chief executive, said: “As the leading innovator in video safety, this investment will fuel new technology and services, including those jointly developed with Wabco, as well as drive growth into new sectors and international markets.
“We are excited about this next chapter in the business and the value we bring to fleets worldwide improving safety while significantly lowering operational costs.”
Oak Investment Partners led a $3m round for SmartDrive in 2007 that included existing backers Revolution Ventures, Founders Fund and Western Technology Investments.
All four returned for a series D round also featuring NEA and Edelson Technology Ventures that closed at $54m in 2008. Regulatory filings indicate SmartDrive closed a $12m round in 2010 and added $10.1m the following year.