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Wednesday, Sep 28, 2022
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Akonix, DriveCam Get Venture Funding

Two San Diego high-tech companies recently obtained follow-on venture capital funding, Akonix Systems Inc. and DriveCam Inc.

Akonix Systems, a provider of software used to keep instant messaging secure, said it completed a third round of equity financing of $12 million from new investor General Motors Asset Management and current investors, Menlo Ventures, Mission Ventures, Palomar Ventures and Windward Ventures.

The new funding will be used to continue the company’s growth through investments in its sales, marketing, customer support and product development areas.

DriveCam, a maker of video systems for vehicles intended to improve driver behavior, said it obtained $18 million in Series B financing. Menlo Ventures was the lead investor with $10.7 million, followed by JMI Equity, with $7 million. DriveCam management also contributed to the funding, which will be used to expand the company’s growth in markets and personnel.

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The systems are used in thousands of commercial vehicles, including those of public transit agencies, school buses, parking shuttles, ambulances, utility fleets and taxis. Customers include ATC, Laidlaw, Time Warner, Ampco System Parking and Staples.

Mike Allen

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