Wednesday, June 22, 2005

DriveCam Raises $18M

San Diego-based DriveCam, a developer of camera-based systems for modifying driving behavior, said that it has raised $18M in Series B funding from Menlo Ventures, JMI Equity, and management. The company said that Menlo contributed $10.7M to the investment, with $7M from JMI Equity. The company said that it will invest the venture funds into accelerating growth of markets, products, people, and infrastructure. Doug Carlisle of Menlo Ventures and Peter Arrowsmith of JMI Equity will join the board. DriveCam was originally backed by the Tech Coast Angels and Chopra Ventures. More information »