Lytx

Lytx
Private
Industry Driver risk management, Fleet safety, Fleet video recorder, Driver safety programs, Fuel management, Vehicle tracking
Founded 1998
Headquarters San Diego, California
Key people
 Brandon Nixon (CEO), Steve Lifshatz (CFO)
Products DriveCam, Lytx Video Services, ActiveVision, GPS Fleet Tracking, Speed Management, ADAS Fleet Management, Fuel Reporting, RAIR Compliance Services
Website www.lytx.com

Lytx, formerly DriveCam, Inc., is a global driver risk management company located in San Diego, California. It designs, manufactures and sells video telematics driver safety programs used by commercial fleets. The company's system combines telematic sensor data and video data to help companies determine the causes for collisions involving their fleets' vehicles, such as drowsy driving, distracted driving, speeding, following too closely, lane departure or other driving behavior. Lytx also sells fleet tracking, speed management, fuel reporting, and regulatory compliance services for trucking fleets regulated by the U.S. Department of Transportation.[1][2][3]

Lytx serves primarily waste management and sanitation; concrete and construction; transit, para transit and motor coach; utilities, telecom and services; trucking and distribution; government and municipality vehicles.[4]

Corporate history

Founding

Lytx, formerly DriveCam, Inc., was founded in 1998 by Gary Rayner. He was inspired to start the company due to a confluence of three events: (1) a road-rage incident, (2) the August 1997 crash of Lady Diana in Paris, France, and (3) efforts to understand the root cause of the 1998 crash of SwissAir Flight 111 with a search, recovery and investigation cost of $38 million. Rayner thought while the above two crashes were tragic, resulting in the loss of hundreds of lives, the greater tragedy was the 41,501 deaths on U.S. roads in that same year. He felt that a "black box recorder" could identify the root cause of crashes, which could then provide clues about how to avoid such accidents in the future. Rayner wanted to develop a driver recording system that could provide data from incident and driving recordings to provide insight into driver behavior and other factors influencing crashes. In 1999 DriveCam was given a grant from the Transportation Research Board (Administered by the National Academies of Sciences) to test the viability and utility of information captured by the DriveCam Video Event Data Recorder (VEDR).[5]

Rayner met Tom Lafleur in early 1999 at an engineering conference. Lafleur became the lead investor for an angel investment group called San Diego Band of Angels that made an initial outside investment in DriveCam, which until that point had been funded on credit card debt. Lafleur became a technical and business advisor to Rayner. In 2000, Lafleur became a board member, where he remained until the company's acquisition in 2016.

Early Years

In early 2000, Rayner recruited Ed Andrew as President to focus on administration and business development. This allowed Rayner to focus on the hardware and software product development team. Gary Rayner remained with the company as CEO and Chairman of the board until April 2003. At this time, Lafleur assumed the position of CTO.

By November 2002, the company received three patents for technology related to its DriveCam video event data recorder.[6]

In 2005, Lytx was included on Inc. Magazine’s list of the 500 fastest-growing, privately held companies in the U.S. and remained on this list for three consecutive years.[7] The company was also listed as one of the top 200 contenders for the Red Herring 100 North America list in 2006.[8]

In 2007, Lytx partnered with American Family Insurance to provide a video feedback program in which parents can review the driving actions of their teens. In 2010, Lytx's teen safety program was awarded by the National Safety Council. American Family Insurance received the 2010 Teen Driving Safety Leadership Award for its Teen Safe Driver Program.[9] The program was validated by scientists at the University of Iowa to produce a 70% reduction in risky driving behavior.[10] The company no longer offers the DriveCam for Families program.

In 2008, the company introduced RiskPredict, a pattern-recognition software that could be used to help predict the riskiest drivers within a fleet. Through a process of scoring, prioritizing and tracking the results of individual driver behaviors, the model identifies those behaviors that would most likely lead to a collision.[11]

In 2009, the company launched DriveCam Online, a driver management portal.[12]

In 2010, orders for its products grew 87%. New clients included Sysco, Masco and the Washington Metropolitan Transit Authority. The company also extended its relationships with AmeriGas and Waste Connections.[13] In 2010, Lytx was listed as No. 30 on the Wall Street Journal’s List of Top 50 Venture-Backed Companies.[14] Also in 2010, Lytx released fuel management and real-time fleet tracking services.[15]

In April 2011, Lytx was awarded a Blanket Purchase Agreement by the US General Services Administration for the purchase of Lytx in-vehicle video recorders and driver feedback systems.[16] In August 2011, Lytx became an awarded National Joint Purchasing Alliance vendor.[17]

Business Developments

In November 2011, Lytx received an $85-million investment from Welsh, Carson, Anderson & Stowe to fund company’s expansion and the acquisition of RAIR Technologies.[18] The acquisition allowed the company to provide web-based safety and regulatory compliance solutions for DOT-regulated fleets. The acquisition also added patents to Lytx's portfolio.[19]

In 2011, the company’s service revenue grew more than 50%. Among the company’s new clients were ONEOK, Public Service Electric and Gas Co. (PSE&G), Waste Industries, Linde and Pat Salmon & Sons. Lytx also expanded its operations internationally with contracts in Canada and South Africa.[20]

In 2012, the company sales reached $100 million.

In February 2013, Volvo Group Venture Capital invested in Lytx and became a minority shareholder.[21] Also in February 2013, Lytx added Greyhound Lines as a client.[22]

On November 4, 2013, the company changed its corporate name from DriveCam Inc. to Lytx Inc.[23]

In January 2014, Lytx said it added 140 new clients and more than 55,000 subscriptions in 2013. In 2014, the company added Con-way Freight said it planned to roll out DriveCam to its 8,500-vehicle fleet.[24] The same year, Sentry Insurance[25] and ARI Insurance[26] announced they would provide their insured commercial clients with subsidies to defray the cost of adopting DriveCam.

A 2014 study of heavy truck and bus collisions conducted by The Virginia Tech Transportation Institute (VTTI) found that Lytx’s video-based driver safety program has the potential to dramatically save lives and reduce injuries. The study concluded that heavy trucks and buses using DriveCam could reduce fatalities, collisions and injuries.[27]

Recent Developments

Lytx launched its ActiveVision service at the American Trucking Associations’ annual Management Conference and Exhibition in Philadelphia in October 2015.[28] The service uses machine vision technology to identify patterns that may be indicative of distracted and drowsy driving such as lane departures and following distances.

At the start of 2016, industry analysts Frost & Sullivan pegged Lytx's market share at 66% – four times that of the company's next nearest competitor.[29][30]

In 2017, the company launched Lytx Video Services, adding access to near livestream video and continuous recording up to 100 hours.

At the start of 2018, the company announced it had more than 3,000 commercial and government fleets with more than 850,000 drivers.[31]

In April 2018, Clearlake Capital Group announced it had invested an undisclosed amount in Lytx.[32] Other investors who participated in the $700 million round included HarbourVest Partners, Public Sector Pension Investment Board and Guggenheim Investments.[33] The deal pegged Lytx's enterprise value at $1.5 billion.[33]

Corporate information

Lytx is a privately owned company. Brandon Nixon has been the company's CEO since September 2008.[34] Its Board of Directors includes Mark Anderson, Philip Canfield, Mark Dankberg, Thomas E. Darcy, Stephen Jeschke, and Nixon as chairman.[35]

On February 18, 2016, GCTR, a Chicago-based private equity firm, announced it had agreed to purchase Lytx for $500 million in an all cash transaction that closed the first quarter of 2016. Prior investors in the company included Insight Venture Partners, Integral Capital Partners, JMI Equity, Menlo Ventures, Triangle Peak Partners, Welsh, Carson, Anderson & Stowe and Griffen LLC.[36][37]

On April 6, 2018, Lytx announced it had raised $700 million in a transaction that valued the company at more than $1.5 billion.[38] Investors Clearlake Capital Group, HarbourVest Partners, Public Sector Pension Investment Board ("PSP Investments") and Guggenheim Investments joined GCTR as strategic investors in the round.[39]

Lytx had more than 130 issued and pending patents as of March 19, 2018.[40][41][42] It has operations in North America, Europe, Africa, Australia, the United States, Canada, Ireland, the United Kingdom, South Africa and the Philippines.

Product

drivecam sf series event recorder
Lytx's DriveCam SF Series event recorder mounted on a truck windshield

Lytx provides the following primary solutions:[43]

  • Driver Safety & Risk Management - The company's primary product is DriveCam, a driver-based analytics solution that enables fleet managers to identify, assess and correct risky driving behaviors before they lead to a collision. The Lytx program involves the installation of a video event recorder in the vehicle behind the rearview mirror. The recorder includes two lenses – one facing the front of the vehicle and one facing the interior of the vehicle – that capture events generated by the recorder’s g-force sensors while also providing real-time in-cab feedback to the driver.
  • Lytx Video Services - In 2017, the company introduced Lytx Video Services as an add-on to its DriveCam safety and risk management program. The product lets users plug additional cameras into the system, allowing for multiple views from the same vehicle, such as side and rear-facing views. It also lets users continuously record video from the road-facing camera, archiving a rolling 100 hours of video per vehicle. It also allows managers to livestream video from the road, depending on the quality of the device's cellular connection.
  • RAIR Compliance Services - The web-based tool allows carriers to track, document and manage driver logs and qualification files required by the Federal Motor Carrier Safety Administration. RAIR is aimed at commercial fleets that need to comply with U.S. Department of Transportation safety regulations.
  • Fuel Management - The behavior-based Fuel Management System measures traditional metrics such as vehicle idling, speeding and vehicle forces to improve fleet performance and fuel efficiency.
  • Fleet Tracking - The DriveCam video event recorder has an integrated GPS that can provide a real-time view of fleet operations.

See also

References

  1. ↑ Bigelow, Bruce (2009-03-26). "New DriveCam CEO Is Focused on the Road Ahead". Xconomy. Retrieved 2011-08-14.
  2. ↑ "Lytx Inc. Private Company Profile". Bloomberg. Bloomberg L.P. 2018-07-09. Retrieved 2018-07-09.
  3. ↑ "DriveCam Awarded Blanket Purchase Agreement Contract from US General Services Administration". Lytx.com. Lytx Inc. 2010-05-10. Retrieved 2018-07-09.
  4. ↑ "Lytx Company Overview". Crunchbase. Crunchbase Inc. 2018-07-04. Retrieved 2018-07-09.
  5. ↑ Rayner, Gary; Rayner, Sophia. "I-WITNESS BLACK BOX RECORDER". TRB Publications Index. National Academies of Sciences. Retrieved 24 February 2016.
  6. ↑ "DriveCam Video Systems Granted Third Patent; Patents Strengthen the Company's Technology Leadership Position". Business Wire. 2002-11-05. Retrieved 2011-08-22.
  7. ↑ Matthews, Carole (2005-09-23). "Inc. 500 Countown: DriveCam". Inc. Retrieved 2011-08-14.
  8. ↑ "Red Herring Releases Short-List of Finalists for the "Red Herring 100 North America" Awards". Market Wire. 2006-04-05. Retrieved 2011-08-22.
  9. ↑ Burton, Richard (2010-10-06). "An auto insurance company awarded for safe driving program for teenagers". AutoQuoteNow.com. Retrieved 2011-08-14.
  10. ↑ Carney, Cher (2014-01-01). "Prevalence and distribution of young driver distraction errors in naturalistic driving". Iowa Research Online. University of Iowa. Retrieved 2018-07-09.
  11. ↑ Johnson, Colin (2005-05-13). "DriveCam identifies risky driving". EE Times. Retrieved 2011-08-22.
  12. ↑ "A Look Back: The Road to 20". Lytx Inc. 2018-02-28. Retrieved 2018-07-09.
  13. ↑ "DriveCam Announces Orders Growth of 87% in 2010". Business Wire. 2011-01-13. Retrieved 2018-07-09.
  14. ↑ Needleman, Sarah (2011-03-10). "Revisiting Last Year's List". The Wall Street Journal. Retrieved 2011-08-22.
  15. ↑ "A Look Back: The Road to 20". Lytx Inc. 2018-02-28. Retrieved 2018-07-09.
  16. ↑ "DriveCam Awarded Blanket Purchase Agreement Contract from US General Services Administration". Business Wire. 2011-05-11. Retrieved 2011-08-22.
  17. ↑ "Lytx Vendor Profile". Sourcewell. 2018-07-09. Retrieved 2018-07-09.
  18. ↑ Chen, Hans (2011-11-21). "Cleantech Investment Insight". The Cleantech Group. Retrieved 2013-03-19.
  19. ↑ "WELSH, CARSON, ANDERSON & STOWE COMPLETES INVESTMENT IN DRIVECAM" (PDF). Welsh, Carson, Anderson & Stowe. 2011-12-24. Retrieved 2013-03-19.
  20. ↑ "DriveCam Sales Continue to Soar". Reuters. 2012-01-19. Retrieved 2013-03-19.
  21. ↑ Freeman, Mike (2013-02-13). "DriveCam nets investment from Volvo". U-T San Diego. Retrieved 2013-03-19.
  22. ↑ Prabu, Karthick (2013-02-22). "New TSA Pre-check airports, Greyhound goes Big Brother and more travel tech news". Tnooz. Retrieved 2013-03-19.
  23. ↑ Freeman, Mike. "DriveCam changes name to Lytx". sandiegouniontribune.com. Retrieved 2018-07-13.
  24. ↑ "Con-way Freight installs Lytx's DriveCam fleet-wide". www.ccjdigital.com. Retrieved 2018-07-13.
  25. ↑ "Sentry Insurance to Provide DriveCam Program to Transportation Clients". Insurance Journal. 2014-03-14. Retrieved 2018-07-13.
  26. ↑ "Lytx and ARI Insurance Partner to Improve Driver Safety". Retrieved 2018-07-13.
  27. ↑ A., Soccolich, Susan; S., Hickman, Jeffrey (May 2014). "Potential Reduction in Large Truck and Bus Traffic Fatalities and Injuries Using Lytx's DriveCam Program". Technical Reports (VTTI).
  28. ↑ "Lytx debuts ActiveVision driver performance monitoring and coaching service". www.ccjdigital.com. Retrieved 2018-07-13.
  29. ↑ "Lytx Continues Record Growth in 2016". www.pwmag.com. Retrieved 2018-07-13.
  30. ↑ "Record Year for Lytx®: 2015 by the Numbers". www.prnewswire.com. Retrieved 2018-07-13.
  31. ↑ "Lytx® Sets Video Telematics Industry Record, Adds 300,000 Subscriptions in Last Three Years". www.prnewswire.com. Retrieved 2018-07-13.
  32. ↑ "Clearlake Capital Group Invests In Lytx". www.prnewswire.com. Retrieved 2018-07-13.
  33. 1 2 Freeman, Mike. "San Diego's Lytx brings in new investors to support growth in fleet video technologies". sandiegouniontribune.com. Retrieved 2018-07-13.
  34. ↑ "DriveCam announces Brandon Nixon as new CEO". JMI Equity. 2008-09-04. Retrieved 2011-08-14.
  35. ↑ "About Lytx". www.lytx.com/. June 27, 2018. Retrieved June 27, 2018.
  36. ↑ "GTCR Announces Acquisition of Lytx". www.prnewswire.com. Retrieved 2018-07-13.
  37. ↑ "Leading maker of truck driver-watching cameras acquired for $500 million". Fortune. Retrieved 2018-07-13.
  38. ↑ Freeman, Mike. "San Diego's Lytx brings in new investors to support growth in fleet video technologies". latimes.com. Retrieved 2018-09-15.
  39. ↑ Lytx. "Lytx® and GTCR Announce Strategic Partnership with Clearlake Capital and Other New Investors". www.prnewswire.com. Retrieved 2018-06-27.
  40. ↑ "Lytx Patents - CB Insights". Retrieved 2018-07-13.
  41. ↑ "DriveCam, Inc. Patents". Patent Genius. Retrieved 2011-08-14.
  42. ↑ "Rayner; Gary A. Patents". Patent Genius. Retrieved 2011-08-14.
  43. ↑ Marcus, Stephen (2011-06-27). "DriveCam – the watchful eye on how you drive". Cleantech Group. Retrieved 2011-08-14.
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