SmartDrive Systems Inc., a San Diego provider of video recording systems for transportation fleets, said Wellington Financial LP, a Santa Monica private financial firm, recently provided $47 million in debt financing to the company.
The company’s systems combine statistical video analysis and expert reviews to assist its customers with a comprehensive driving performance program. Its customers have seen up to 10 percent in fuel cost reductions as well as up to 50 percent reduction in collisions, SmartDrive said.
In addition to Wellington Financial, the company is backed by other leading venture capital firms, including New Enterprise Associates and Oak Investment Partners, the company said.
Wellington, which also has an office in Toronto, currently manages a $500 million investment program, the firm said.