INSUBCONTINENT EXCLUSIVE:
most dangerous and inefficient if they are driven badly
Today, a startup that has built a platform aimed at improving both of those areas has raised a large round of funding to continue fuelling
(so to speak) its own growth: SmartDrive, a San Diego-based provider of video-based telematics and transportation insights, has snapped up a
round of $90 million.The company is not disclosing its valuation but according to PitchBook, it was last valued (in 2017) at $290 million,
which would put the valuation now around $380 million
(We are asking.)The funding comes at an interesting time for fleet management and the trucking industry
A lot of the big stories about automotive technology at the moment seem to be focused on autonomous vehicles for private usage, but that
Bigger companies like Uber, Telsa and Volvo, and startups like Nikola and more are all building smarter trucks, and just yesterday Samsara,
which makes an industrial IoT platform that works, in part, to provide fleet management to the trucking industry, raised $300 million on a
$6.3 billion valuation.The telematics market was estimated to be worth $25.5 billion in 2018 and is forecast to grow to some $98 billion by
2026.The round was led by TPG Sixth Street Partners, a division of investment giant TPG (which backs the likes of Spotify and many others),
which earlier this year was raising a $2 billion fund for growth-stage investments
Unnamed existing investors also participated
The company prior to this had raised $230 million, with other backers including Founders Fund, NewView Capital, Oak Investment Partners,
(NEA had also been an investor but has more recently sold its stake.)SmartDrive has been around since 2005 and focuses on a couple of key
Tapping data from the many sensors that you have today in commercial vehicles, it builds up a picture of how specific truckers are handling
their vehicles, from their control on tricky roads to what gears and speed they are using as they go up inclines, and how long they idle
The resulting data is used both to provide a better picture to fleet managers of that performance, and to highlight specific areas where the
trucker can improve his or her performance, and how.Analytics and data provided to customers include multi-camera 360-degree views, extended
recording and U-turn triggering, along with diagnostics on specific driver performance
The company claims that the information has led to more satisfaction among drivers and customers, with driver retention rates of 70% or
Steve Mitgang, SmartDrive CEO, in a statement
telematics applications is garnering significant traction across a diverse range of fleets given the benefits of choice, flexibility and a
lower total cost of ownership
The investment from TPG Sixth Street Partners and our existing investors will fuel continued innovation in areas such as computer vision and
management could have resulted in improved performance
Stanley, partner and co-head of the Capital Solutions business at TPG Sixth Street Partners, in a statement
