San Diego-based driving intelligence solutions provider, SmartDrive Systems, has raised $47m in additional venture funding, led by Oak Investment Partners, New Enterprise Associates and the new investor Stanford University.
According to the company, the new round of financing will be used to speed up its customer adoption, channel partnerships, research and development.
SmartDrive Board Chairman Dave Vucina said, "This capital infusion will support further technology development and fuel the accelerated growth of new customers."
SmartDrive said that its driving performance programme will increase fleet's operating efficiency and safety, which improves fuel efficiency by up to 30% and save nearly $12,000 per vehicle per year as well as reducing collisions by 80%.
The company has also collected the database of risky driving events, with over 44 million recorded unsafe driving incidents.
The SmartDrive Safety and Fuel programmes are implemented by public and private fleets including public transit, commercial trucking, waste hauling, food and beverage delivery in addition to shuttle operators.
SmartDrive provides solutions that make it easy for fleet managers to improve driver safety and reduce operating cost.