Idelic Inc., a Pittsburgh-based software solutions provider for commercial fleets, has raised $20 million in Series B funding led by Highland Capital Partners and including AXA Venture Partners, Birchmere Ventures, Origin Ventures, TDF Ventures and SaaS Venture Capital.
Idelic also announced Craig Driscoll of Highland Capital Partners will be joining the company’s board of directors.
“Together we can revolutionize how trucking fleets — and their insurance carriers — think about the risks they navigate every day,” said Driscoll in the release. “That’s a massive goal that has huge implications for the transportation industry and society in general. Their mission is exactly what we look for in companies and I’m thrilled to join the team.”
A spinoff of Pitt Ohio Express, the company integrates electronic logging devices (ELDs), cameras and human resource systems, giving transportation fleets a benchmark to compare safety scores and pinpoint individual drivers who may be affecting their overall score. Customers access this information through its Safety Suite, enabling customers to reduce insurance claims and driver turnover.
“With insurance costs and driver turnover skyrocketing over the past several years, our mission is to help fleets overcome these challenges and create a safety culture that is not only valued by their drivers but also their insurance providers. Raising our Series B will enable us to reinvent how the transportation industry underwrites driver risk and evaluates the fleets they insure,” said Hayden Cardiff, the co-chief executive officer of Idelic.
In a recent interview, the Idelic team described how a customer with 25 drivers was able to lower accident costs by $200,000 in one year after using Safety Suite to track and find areas of safety concern within the company. In an industry that is just now entering its digital age, being able to bring data analytics of company safety records is a new technique for assisting companies to lower their insurance premiums.
The Safety Suite has a number of partners it pulls data from to continue improving through machine learning. These partners include KeepTruckin, Lytx, Samsara, DriverReach, Instructional Technologies Inc., Vertical Alliance, SuperVision and Omnitracs.
The team plans on using the funds to expand its engineering and data teams to add new features to the Safety Suite and work on new partnerships with insurance companies to help bring costs down for drivers across the industry.
Click for more articles from Grace Sharkey.
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