Edmonton-based Intelligent Imaging Systems (IIS) and its subsidiary, Drivewyze, which develops safety and efficiency solutions for the transportation industry in North America, have closed $81.7 million CAD ($60 million USD) in funding. This brings Drivewyze’s total funding to date to $136 million CAD ($100 million USD).
“Our strategy is to leverage the connected truck platform we’ve built and use it to revolutionize transportation safety and efficiency.”
The most recent funding is not tied to a specific round, but was instead classified as “late-stage growth financing.” The investment was raised solely from Sageview Capital. The new funding will be used by IIS and Drivewyze to help scale Drivewyze’s truck platform in the commercial vehicle services market. Following the funding, Scott Stuart, co-founder and managing partner at Sageview, and Andrew Korn, partner at Sageview, will join IIS’ board of directors.
“We are very excited to have Sageview Capital partner with us to accelerate our company’s growth plans,” said Brian Heath, president and CEO of IIS. “Our strategy is to leverage the connected truck platform we’ve built and use it to revolutionize transportation safety and efficiency. We look forward to reaching new heights of success.”
IIS, Drivewyze’s parent company, offers public agencies and infrastructure owners an infrastructure platform aimed to improve transportation safety and efficiency. IIS was founded in 2003 and Drivewyze was spun out of IIS as a wholly-owned subsidiary in 2013.
Drivewyze offers a SaaS-based platform for commercial drivers and fleets that connects vehicles and infrastructure for drivers, fleets, telematics partners, and government agencies. Two of the company’s applications include PreClear, a weigh station bypass service that communicates with weighing stations to determine if trucks can bypass that station, and Drivewyze Safety Notifications, which gives drivers notices about possible hazards, such as low bridges and steep grades.
“Sageview provides growth capital to leading companies with a demonstrated track record of success and compelling market opportunity,” Stuard said. “IIS and Drivewyze provide fleets, transportation companies, and government agencies unique technology solutions to cut costs, gain efficiencies, and improve safety.”
“The ROI from the company’s products is significant, and customer satisfaction is very impressive,” Stuart added.
Drivewyze is operational in the United States and Canada, but the team hopes to take it global. The company told BetaKit it sees room for growth in markets outside of North America.
Image source Unsplash. Photo by Matthew T Rader.