DriveCam, Inc. announced Volvo Group Venture Capital, a subsidiary to the Volvo Group, has made a strategic investment in DriveCam, 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. "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 and CEO Brandon Nixon. “And since the human element plays a role in nine out of 10 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.”
Volvo Group has agreed with DriveCam not to disclose the details of the transaction. The transaction has no significant impact on the Volvo Group’s earnings or financial position.