DriveCam aims to prevent driving collisions and reduces fuel costs by combining data and video analytics with real-time driver feedback and coaching, resulting in reductions in collision-related costs and fuel consumption in more than 170,000 commercial vehicles.
The investment is being made, in part, to fund DriceCam’s acquisition of RAIR Technologies, a provider of regulatory compliance solutions for DOT-regulated fleets. RAIR allows fleet operators to manage hours-of-service logs, CSA safety scores, driver qualification and vehicle inspection requirements.
“We are very pleased to partner with DriveCam, the market-leading provider of driver safety technology and solutions,” commented Mike Donovan, General Partner at WCAS. “DriveCam’s management team has been at the forefront of industry innovation and operational excellence, and as a result, we see the very strong momentum in the business today continuing into the future.” WCAS joins DriveCam’s strong group of existing investors.
“It’s exciting to be recognized by leaders in the investment community for our hard work and success,” remarked DriveCam CEO Brandon Nixon. “With this investment, DriveCam will continue to accelerate its growth by expanding into new market segments and broadening its value proposition through strategic partnerships and targeted acquisitions, the first of which is RAIR.”
The capital injection follows a $19m Series D financing round for the company two years ago, led by new investor Triangle Peak Partners. The round also included participation from existing investors Menlo Ventures, JMI Equity, Insight Venture Partners and Integral Capital Partners.
This round followed a strong year for DriveCam, marked by year-over-year revenue growth, an 85 per cent increase in the size of its client base, and positive cash flow for the first time in the company’s history.
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