SmartDrive, a company that focuses on video-based safety and transportation intelligence designed to help truck drivers, has landed $90 million in outside funding, the company announced Sept. 12.
The round was led by TPG Sixth Street Partners, along with unnamed existing investors, who see potential opportunity as demand for video-based telematics accelerates. The company previously raised $230 million from several venture capital and equity funds.
The data is used to improve driver performance, safety and compliance. It can be tailored to address the needs of a wide range of fleets, delivering lower collision and fuel costs, according to the company.
SmartDrive said the TPG investment will fuel ongoing development in areas such as computer vision and AI, while also enhancing sales and marketing initiatives and international expansion.
The commercial vehicle telematics industry, projected to reach $85.4 billion by 2024, provides on-board communication, route planning, location tracking and speed determination for moving vehicles. That information is used by fleet managers and insurers to monitor the travel, status and performance of commercial vehicles.
SmartDrive’s system includes multi-camera 360-degree views, extended recording and U-turn triggering, along with diagnostics on specific driver performance.
The company claims the information has led to more customer and driver satisfaction, with driver retention rates of 70% or higher and trucks able to achieve up to 9 miles per gallon on trips, versus industry averages of 20% driver retention and 6 mpg per gallon.
“SmartDrive’s proprietary data analytics platform and strong subscriber base put it in a great position to continue to capitalize on its track record of innovation and the broader secular trend of higher demand for safer and smarter transportation,” Bo Stanley, partner and co-head of the Capital Solutions business at TPG Partners, said in a statement.