San Diego’s SmartDrive Systems Raises $47M, Names New CEO
Here come the freeway metaphors. San Diego’s SmartDrive Systems, which provides Web-based services linked to dashboard video, says it has topped off its tank with $47 million in additional venture funding and named former Veoh CEO Steve Mitang as its new designated driver.
The company, founded in 2004, targets public and commercial motor vehicle fleets, using videos to coach drivers. SmartDrive says its driving safety and fuel programs can reduce collisions by as much as 80 percent, and improve fuel consumption up to 30 percent—which can pencil out to annual savings of as much as $12,000 per vehicle.
The company, which uses video clips of actual driving incidents in its tutorials, says it has compiled more than 44 million unsafe driving incidents.
SmartDrive’s existing investors, Oak Investment Partners and New Enterprise Associates, led the latest funding round, along with new investor Stanford University. The company says the capital infusion will be used to accelerate customer adoption, channel partnerships, and research and development.
“We firmly believe that SmartDrive will continue to out-distance the competition by offering a superior solution based on innovation,” Dave Vucina, SmartDrive board chairman, says in the statement. “With customers seeing material results within weeks of deployment, we see this as an enormous market opportunity.”
Before joining SmartDrive, Mitgang was CEO at Veoh, the Internet television company now part of Qlipso. He previously served as senior vice president of Yahoo’s advertising products, platforms, and services.