Volvo Unit Invests in DriveCam, Inc.
Volvo Group announced that Volvo Group Venture Capital has "joined forces with the objective of delivering innovative safety-centric solutions to the global commercial vehicle industry."
Volvo Group announced that its Volvo Group Venture Capital has made a strategic investment in and become a minority shareholder in DriveCam Inc., saying the two companies "have joined forces with the objective of delivering innovative safety-centric solutions to the global commercial vehicle industry."
Based in San Diego, DriveCam is a driver risk management company. "Volvo Group and DriveCam have a common vision -- to reduce traffic accidents worldwide," said Johan Carlsson, president of Volvo Group Venture Capital. "Complementary to our leading position in the global truck manufacturing market, Volvo Group is also focused on the human element in reducing accidents, an area where DriveCam is a clear leader. 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."
"Volvo Group and DriveCam both believe that there is only one acceptable number of accidents in driving: zero," said DriveCam Chairman/CEO Brandon Nixon. "And since the human element plays a role in nine out of ten accidents, the driver risk management solutions that DriveCam has pioneered are essential to both companies reaching our common goal of zero accidents on the road."
One day earlier, on Feb. 12, DriveCam announced that it ended 2012 with orders in excess of $100 million, which is a record for the company, and in 2012 doubled the number of orders year over year.