SmartDrive Bumps Funding Plans

San Diego-based SmartDrive Systems, a firm which develops "black box" technology to record how drivers are performing on the road for fleet managers, has expanded its funding target for its latest equity round to $28.5M, according to a regulatory filing by the firm today. The privately company, which is venture backed by New Enterprise Associates and Oak Investment Partners, along with others, indicated today that it has so far raised $12.0M in the open round. The initial funding was in October of last year. The firm has not disclosed any of the details on the venture fundraising. The company had earlier indicated a $25.0M target for the round in regulatory filings. More information »