SmartDrive Systems Raises $47M For Better Driving

San Diego-based SmartDrive Systems, which develops driving safety systems for managing driving fleets, said Monday afternoon that it has raised $47m in a new funding round. The firm said the round was led by Oak Investment Partners and New Enterprise Associates, and also included Stanford University. The firm--which develops video-based driving monitoring systems--said it will use the funding for channel partners, accelerating customer adoption, and research and development. The funding came on the same day the firm announced the hiring of former Veoh CEO and Overture GM Steve Mitgang as its new CEO. More information »