Orlando, Florida — Michelin North America Inc. has taken an undisclosed equity stake in SmartDrive Systems Inc., a developer of video safety and transportation intelligence systems, expanding its drive into fleet telematics and mobility services.
Orlando-based SmartDrive Systems offers driving performance, safety, security and compliance solutions for commercial vehicles, buses, motor coaches and trains. Established in 2004, the firm has subsidiaries operating in China, India and the UK.
"The transportation sector is at the forefront of today's technology innovation curve," SmartDrive CEO Steve Mitgang said. "This investment…will help us continue our fast-paced innovation, allowing us to serve new verticals and expand our business into new markets."
SmartDrive Systems described Michelin's involvement as having "led a preferred-stock round of investment," and said Michelin joins other existing investors New Enterprise Associates, Oak Investment Partners and WABCO Holdings Inc. Financial and other terms were not disclosed.
SmartDrive's video analytics platform identifies risk and captures video from multiple vantage points around the commercial vehicle, which is combined with engine computer, sensor and GPS-enabled data to deliver real-time analysis, predictive analytics and other programs that improve the commercial driver's skill and efficiency while operating the vehicle.
SmartDrive said it maintains a database of more than 200 million real-world risky driving events across 7 billion miles driven and an open architectural platform design, which allows it to innovate in the areas of risk identification, sensor fusion, compliance and security, fuel efficiency and actionable performance metrics.
SmartDrive will leverage Michelin's investment to fuel its continued growth in video analytics and transportation intelligence, with a particular emphasis in the areas of R&D, sales and marketing, and expansion in North America and international markets.