Idelic Raises $20 Million in Financing for Transportation Safety Products
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Data analytics and driver management systems developer Idelic has completed a $20 million fundraising round to help continue development of its transportation safety products, the company announced.
The Pittsburgh-based company’s flagship Safety Suite product integrates data from multiple technology sources into a single system of record, and uses machine learning to turn fleet data into predictive insights to help fleets manage their safety performance, Idelic said.
“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,” Idelic Co-CEO Hayden Cardiff said in a statement.
We're pleased to announce the close of our Series B fundraising round, a $20 million raise led by @HighlandCapital with participation from @AXAVentures.
Read the full press release to learn how Idelic is transforming transportation safety & insurance: https://t.co/0aXojqmMiq pic.twitter.com/4QcRGo2sJp — Idelic (@Idelictech) March 26, 2021
With this funding, Idelic plans to bolster its engineering and data science teams and also wants to create additional offerings with insurance partners. Sales and marketing operations will also expand to reach new fleet segments, it said.
Highland Capital Partners led the funding round with participation from AXA Venture Partners. Previous investors that also participated in the round include Birchmere Ventures, Origin Ventures, TDF Ventures and SaaS Venture Capital. Craig Driscoll of Highland Capital Partners will be joining the board of directors in conjunction with the financing. — Transport Topics
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