DriveCam Inc. Secures $28 Million Series C Financing

DriveCam Inc., a global Driver Risk Management company, recently announced that it has secured $28 million in Series C financing. Insight Venture Partners, a New York private equity and venture capital firm, and Integral Capital Partners, a Menlo Park family of partnerships that invests in expansion-stage private and growth-stage companies, joined original investors Menlo Ventures and JMI Equity in this latest round of funding.

DriveCam will use the funds to launch a new consumer division, improve and expand its predictive data analytics and increase its global presence.

”The innovation that DriveCam brings to the market is a quantum leap over anything currently available and adds a new layer of technology and knowledge to improving driving behavior,” said Jerry Murdock, co-founder and managing director at Insight Venture Partners. “It is rare that we get to invest in a company that is not only a terrific financial investment, but also saves lives.”

”DriveCam’s management team, with its deep expertise in safety, transportation and behavior management as well as vertical market knowledge, also was a significant consideration in our investment,” added Murdock, who will sit on DriveCam’s board of directors.

”DriveCam has captured thousands of actual risky driving events across industries and every type of vehicle in a collective database that enables risky driving analysts to identify trends on a general level as well as by individual company and site,” said Glen Kacher, partner, Integral Capital Partners. “DriveCam’s unsurpassed analytics and reporting help enterprises save lives and reduce costs associated with risky driving by 30 to 90 percent.”

“DriveCam remains focused on identifying and correcting risky driving behaviors that are ‘accidents waiting to happen,’” said Bruce Moeller, president and CEO of DriveCam Inc. “This financing is enabling us to bring the proven results of behavior-based risk mitigation services to consumer and international markets.”

DriveCam is a global Driver Risk Management company that reduces claims costs and saves lives by improving the way people drive. By combining sight and sound, expert analysis and driver coaching, DriveCam has reduced vehicle damages, workers’ compensation and personal injury costs by 30 to 90 percent in more than 60,000 commercial and government vehicles. DriveCam has the world’s largest repository of events reflecting actual risky driving behaviors. In 2006, Inc. Magazine included DriveCam on its list of 500 fastest-growing, privately held companies in the U.S. for the second consecutive year.

For more information, please visit www.drivecam.com