Idelic Raises $20 Million Series B Financing to Transform Transportation Safety and Insurance
PITTSBURGH–(BUSINESS WIRE)–Idelic, Inc., a Pittsburgh-based leader in commercial trucking analytics and driver management solutions, has announced the close of its Series B fundraising round, a $20 million raise led by Highland Capital Partners with participation from AXA Venture Partners. Additional participants in the round included previous investors Birchmere Ventures, Origin Ventures, TDF Ventures, and SaaS Venture Capital. In conjunction with the financing, Craig Driscoll of Highland Capital Partners will be joining Idelic’s Board of Directors.
Idelic makes trucking safer and more efficient by preventing accidents, reducing driver turnover, lowering insurance costs, and—most importantly—saving lives. Their flagship product, Safety Suite®, is the most comprehensive driver management platform in the transportation industry, integrating data from multiple technology sources into a single system of record that enhances workflows and provides unparalleled fleet analytics. Safety Suite uses machine learning to turn fleet data into truly predictive insights that enable fleets to efficiently manage their entire safety operation and identify at-risk drivers before a crash occurs.
Idelic was founded by Co-Founders Hayden Cardiff, Nick Bartel, and Andrew Russell, all Carnegie Mellon University graduates. “We created Safety Suite to empower fleets of all sizes to proactively unlock and use their data to make their drivers and our roads safer for everyone,” said Idelic Co-CEO Nick Bartel. “With insurance costs and driver turnover skyrocketing over the past several years, our mission is to help fleets overcome these challenges and create a safety culture that is not only valued by their drivers but also their insurance providers. Raising our Series B will enable us to reinvent how the transportation industry underwrites driver risk and evaluates the fleets they insure,” added Co-CEO Hayden Cardiff.
“Together, we can revolutionize how trucking fleets—and their insurance carriers—think about the risks they navigate every day,” said Craig Driscoll, General Partner at Highland Capital Partners. “That’s a massive goal that has huge implications for the transportation industry and society in general. Their mission is exactly what we look for in companies, and I’m thrilled to join the team.”
With this funding, Idelic plans to bolster its engineering and data science teams to continue to produce innovative, best-in-class features for Safety Suite and create additional offerings with insurance partners. Sales and marketing operations will also expand to reach new fleet segments that will benefit from the full-spectrum of driver management and operational analytics that Safety Suite provides.
Idelic helps transportation fleets save time, money, and lives. The Idelic Safety Suite® is the most comprehensive driver management platform in the transportation industry, consolidating all fleet data systems into one single data management platform, giving fleets unparalleled visibility into their drivers’ behavior and safety operations. With an industry-leading Driver Watch List that utilizes advanced, proprietary Machine Learning (ML) technology, the Idelic Safety Suite helps fleets prevent crashes, reduce turnover, and lower insurance costs.
About Highland Capital Partners
Founded in 1988, Highland Capital Partners is a global venture capital firm focused on putting the entrepreneur first. With offices in Menlo Park, Cambridge and Shanghai, Highland has raised over $3 billion in committed capital and invested in more than 225 companies, resulting in category-defining businesses across consumer and enterprise technology. Investments include Aereo, Ask Jeeves, Bromium, Gigamon, Leap Motion, Lululemon, LevelUp, Lycos, MapQuest, Nebula, Qihoo 360, Quattro Wireless, Rent the Runway, Starent Networks, Sybase, VistaPrint and WePay. For more information, visit www.hcp.com.
About AXA Venture Partners
AXA Venture Partners (AVP) is a global venture capital firm investing in high-growth, technology-enabled companies. AVP has built, in less than five years, a unique investment platform specialized in tech investments with $800 million of assets under management through three pillars of investment expertise: early stage, growth stage, and fund of funds. To date, AVP has invested in more than 45 companies and more than 15 funds. The AVP team operates globally with offices in San Francisco, New York, London, Paris, and Hong Kong. Beyond investments, AVP provides unique access to business development opportunities helping portfolio companies to scale globally and accelerate their growth. www.axavp.com