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Peripherals - Friday, June 24, 2005

DriveCam - Profile

HQ: San Diego, CA

Founded: 2000

Management: CEO is Bruce Moeller who previously ran CultureWorx, a Web-based system for employee behavior modification. Moeller also boasts of stealing the line from Austin Powers in a book he wrote called Oh Behave! - Reinforcing Successful Behaviors at Work and Home with Consequenses.

Investors: In June 2005, the company raised $18M in Series B from Menlo Ventures and JMI Equity.

Business Model: Truck fleets buy DriveCam's video equipment that sits behind the rear view mirror. Video is downloaded to a PC where DriveCam software searches for incidences and brings them to the attention of management. The company rounds out the offering with educations courses. DriveCam claims to have data to show that its system cuts insurance claims and liabilities in half or more for most fleets. Much of the savings come as evidence against false claims, but much of it also comes from the intimidation factor in letting your drivers know that you know how they are driving. As a result, DriveCam has an impressive client roster and is now looking to expand internationally.

Competitors: Integrated Security Systems, Transportation Safety Technology.

Dirt: DriveCam is the only company that we have encountered that came to be as a result of a road rage incident involving the founder, who vowed to get even through technology. It is hard not to look at DriveCam and conclude that they have no leading technology, however it's hard to argue with its value prop and good client base.