SmartDrive raises $10 million more for safe fleets

The startup's still working toward safer drivers, less collisions and greater fuel efficiency

SmartDrive Systems, provider of fleet management and driver safety solutions, has secured $10.1 million of a planned $11.5 million round, according to an SEC filing published Thursday.

Last we looked at SmartDrive, the company had raised $12 million of a total $25 million round, which ended up closing in December 2009. That round was led by existing investors Oak Investment Partners and New Enterprise Associates.

Based on today’s filing, participants in the latest round are also all existing investors, including X/Seed Capital Management, Oak Investment Partners and New Enterprise Associates.

As we described last time, SmartDrive Safety is a video-based solution that promises to kill collision frequency by as much as 50 percent. Whether that means showing a driver had been distracted by their cell phone or whether it means seeing that somebody else had been at fault, SmartDrive simply wants to give fleet managers a better picture of every accident for liability purposes.

Beyond its primary offering, SmartDrive has begun researching other aspects of the commercial fleet industry. A couple weeks ago, the company reported findings of an ongoing study that found fuel consumption can be reduced by as much as 24 percent through basic techniques like avoiding unnecessary idling and not driving too fast.

"The 24% fuel reduction that fleets can achieve through eco-driving has a real impact on the bottom line,” said SmartDrive President Jason Palmer. “With gasoline prices hovering at $4.00 per gallon, that's a dramatic impact to our customer's bottom line. SmartDrive customers are leading the way, improving operational efficiency and dramatically reducing collisions."

Those findings lead directly back to SmartDrive Operations, a new solution for fleet operators to save on fuel costs by educating drivers on efficiency. From tracking off-route usage to off-hours usage to speed monitoring, SmartDrive gives operators a clearer window into how their fuel is being spent.