Monday, October 23, 2017

SmartDrive Systems Gets Funding From Michelin

San Diego-based SmartDrive Systems has received an investment from Michelin North America, the company said on Sunday, in a preferred-stock round of investment. Size of the investment was not disclosed. SmartDrive said it will use the new funding for expansion of its strategy for fleet telematics and mobility services. SmartDrive is a developer of video- and sensor-based driver safety systems, used primarily for commercial fleets. The company said it will invest in R&D, sales and marketing, and expansion in North America and international markets. SmartDrive is led by CEO Steve Mitgang. The company said Michelin's investment comes on top of support by existing investors New Enterprise Associates, Oak Investment Partners and WABCO. More information »

---