Volvo Group Venture Capital, a subsidiary of Volvo Group, announced an investment in DriveCam, a locally based driver risk management company.
Financial terms of the investment were not disclosed, but Volvo Group said that through the terms of the investment, Volvo Group will become a minority shareholder in the company.
“Volvo Group and DriveCam both believe that there is only one acceptable number of accidents in driving – zero,” DriveCam Chairman and CEO Brandon Nixon said in a statement. “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.”
Volvo Group Venture Capital works to accelerate new business growth and invests in companies in the transportation industry, according to their website.
— SDBJ Staff Report