SmartDrive Systems, a San Diego provider of video systems for vehicle fleets, secured $47 million in new venture funding led by existing investors Oak Investment Partners and New Enterprises Associates, as well as new investor Stanford University, the company said June 18.
The company said the new funding will accelerate customer adoption, channel partnerships and its research and development.
SmartDrive said it has created a driving performance program that enables fleets to increase operating efficiency and safety while improving fuel efficiency by up to 30 percent, saving as much as $12,000 per vehicle annually, and reducing collisions by as much as 80 percent.
“Fleets of all types rely on us to improve driving performance, across tens of thousands of vehicles and drivers,” said new CEO Steve Mitgang.
Mitgang’s hiring was announced the same day. Before taking the job, Mitgang was CEO of Veoh, an Internet television business that is now part of Qlipso. Prior to that job, he was senior vice president of Yahoo’s advertising products, platforms and services. His 25-year management career spans general management, strategic planning, branding, product management and business development for some of the country’s best known brands, the company said.
SmartDrive has compiled the world’s largest database of real-time, risky driving incidents, about 44 million events, the business said. The company has about 375 employees worldwide.