Operations

DriveCam Secures $18 Million in Financing

Posted on July 6, 2005 by LCT Staff - Also by this author - About the author

SAN DIEGO, CALIF. – DriveCam, Inc., a leader in knowledge- based systems that improve driving behavior, announced it has secured $18 million in Series B financing. Menlo Ventures, a Silicon Valley investment firm, invested $10.7 million; JMI Equity, a San Diego private equity firm, participated with a $7 million investment; DriveCam management also contributed. The funds will be used to accelerate growth in markets, products, people and infrastructure to capitalize on growing demand for its driver behavior modification systems.

“DriveCam has a compelling story for anyone responsible for a fleet of vehicles. The company has proven that consistent driver feedback is the answer to lowering operating costs and improving safety,” said Doug Carlisle, a managing director of Menlo Ventures. “It is an inexpensive way to dramatically reduce accidents, providing both a societal benefit and a return on investment. This funding will give DriveCam the capital to expand worldwide.”

The DriveCam system is used by thousands of commercial vehicles, including those in public transit, service fleets, limousines, school buses, parking shuttles, ambulances, utility fleets and taxis. Customers include ATC, Laidlaw, Time Warner, Ampco System Parking, Staples and others.

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