Tuesday, September 25, 2012

SmartDrive Scores Venture Debt Financing

San Diego-based SmartDrive Systems, the developer of video-based, driver safety systems, has scored a venture debt financing, according to finance firm Wellington Financial. Size and terms of that debt financing were not announced. Wellington Financial said the debt will go towards growth capital, and came in conjunction with the recent, $47M round of equity funding for SmartDrive. SmartDrive is venture backed by Oak Investment Partners, New Enterprise Associates, and Stanford University, and is headed by Steve Mitgang. Wellington Financial has an office in Santa Monica.