SmartDrive Extends VC Round to $25M

Bruce V. Bigelow12/16/09

San Diego’s SmartDrive Systems, which reported raising $12 million in venture capital funding in October, now says it has raised a total of $25 million. “We had always had the goal to have the round at about this size,” CEO Greg Drew tells me. The round was led by existing investors Oak Investment Partners of Palo Alto, CA, and New Enterprise Associates of Menlo Park, CA. The company, which uses video recording technology and web-based services to reduce the costs of operating motor vehicle fleets, also named Dave Vucina as board chairman.

Bruce V. Bigelow is the editor of Xconomy San Diego. You can e-mail him at bbigelow@xconomy.com or call (619) 669-8788