Volvo Group Venture Capital, a subsidiary to the Volvo Group, made a strategic investment in DriveCam Inc., a global driver risk management company. Through the investment, Volvo Group becomes a minority shareholder in the company.
"Volvo Group and DriveCam have a common vision — to reduce traffic accidents worldwide," said Johan Carlsson, president of Volvo Group Venture Capital. "This strategic investment enables the commercial vehicle industry to benefit from our collaborative development efforts, while it also supports the Volvo Group’s vision to become the world leader in sustainable transport solutions.”
For several decades, Volvo Group has studied and analyzed a large number of accidents involving trucks. This information has been, and still is, one of the most important bases for the design and development of Volvo Group’s trucks. These investigations have resulted in numerous safety related improvements already in place in today’s trucks.
DriveCam prevents collisions and reduces fuel costs by improving the way people drive. DriveCam’s solution addresses the causes of poor driving by combining data and video analytics with real-time driver feedback and coaching.
Volvo Group Venture Capital is part of the Volvo Group. With the objective of accelerating new business growth, Volvo Group Venture Capital invests in companies driving service orientation and product differentiation in the transport industry.
Terms of the transaction were not disclosed.