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LightMetrics video telematics scales as it secures $8.5m funding round
LightMetrics is powering the global vehicle telematics industry with intelligent video capabilities as revenues grow 3x while customer numbers cross 2,500 fleets globally.
Commercial fleet owners are investing heavily in telematics data to improve road safety concerns, driver well-being and operational efficiencies. It's a marketplace worth $76B today and set to grow to $214B in the next 6 years. However, their insurance claims have been steadily increasing over the past 5 years. Aiming to rebalance this equation, video telematics business LightMetrics is today announcing a $8.5m funding round from Sequoia Capital India, to help telematics service providers adopt video telematics and help fleets become safer.
LightMetrics helps telematics service providers (TSPs) by launching their own branded edge AI powered video telematics solution. Its flagship no-code video telematics platform RideView is widely considered the most impactful in the industry. It allows fleets to gain visibility into risky behaviors like distracted driving, tailgating, cell phone usage, overspeeding, stop sign violation, poor lane keeping and fatigue among several others. Intuitive workflows to retrieve videos, recognize good drivers and coach drivers helps fleet managers protect the fleet, improve driver engagement and reduce accidents.
With fleets in different verticals and geographies having different needs, RideView offers a choice of dash cameras across price points and capabilities, all supported by the same backend thus creating an uniform user experience no matter the dash camera hardware used.
Founded in 2015 by Nokia alumni Soumik Ukil, Ravi Shenoy, Mithun Uliyar, Gururaj Putraya, Pushkar Patwardhan and Krishna A.G, they came together to help make roads safer for everyone.They put their expertise to work in building efficient algorithms for computer vision technology, machine learning and AI by helping people “see how they drive” and coaching drivers to become safer.
In 2022, LightMetrics expanded into new geographies and grew revenues 3x. Their technology is now deployed in over 2500 fleets across US, Canada, Mexico, Brazil, Australia, South Africa, Middle East and India. LightMetrics’ video telematics platform RideView’s success and popularity with telematics service providers can be attributed to the significant outcomes they have achieved for customers, including a drop in risky driving behaviors such as speeding and distracted driving by up to 80% and 70% respectively within just a few months of installation.
Soumik Ukil, co-founder and CEO of LightMetrics commented: “Our growth and success comes down to the product - having built the preeminent video-based fleet safety platform globally. We will continue to invest deeply in building the most advanced and efficient edge AI, empowering our customer base to deliver this critical technology across the entire fleet ecosystem, and expanding our international footprint.”
The video telematics market is forecast to grow from 10% in 2021 to 20% by 2026, at an impressive growth rate of 16.5% CAGR. “Two key factors are driving the growth of this market; a combination of market need and the technology trends coming together. Fleet owners are seeking a single integrated view of all their data to improve safety and operations. Conventionally, while telematics has focused on location tracking, routing, optimal utilization of assets, vehicle maintenance, remote diagnostics, etc., it is clear that the performance of the human driver is critical to running a profitable fleet. Advanced video telematics, enabled by the advances in connectivity, chipsets (computing on the edge) and AI, is the comprehensive solution” said Soumik Ukil.
“Our approach, and the adoption of RideView, has created a win-win situation for everyone concerned. Fleets, the end user, benefit from improved safety, better driver engagement and lower insurance premiums. Our customers, the telematics service providers, are able to offer a holistic service to fleet owners with more comprehensive data and analytics around safety.”
Ashish Agrawal, MD, Sequoia India commented: “Video telematics is the fastest growing segment of the telematics industry. LightMetrics’ ability to deploy advanced computer vision models on the edge, across a range of dash cameras, enables it to serve all vehicle types in this large market. At Sequoia Capital India, we expect advancements in AI to transform several industries and are excited to partner with LightMetrics on their quest to improve road safety.”
“Investing in technology can also drive down insurance premiums for fleet owners. A granular understanding of driver behavior can help underwriting with better risk modeling, and ongoing driver coaching helps insurance carriers reduce loss over time. I am confident that video telematics can help insurance carriers significantly on claims, underwriting and loss control.” said Soumik Ukil.
Des Plaines, Illinois – Loren Swakow, Managing Director of NOBLELIFT North America, has announced his retirement effective January 31st, 2025, leaving behind a legacy of unprecedented growth, innovation, and strong relationships built over nearly a decade at the helm of the company.
Swakow joined NOBLELIFT in October 2016, tasked with the challenge of bringing an unknown brand into the highly competitive American market. At the time, NOBLELIFT had no dealer network and minimal brand recognition. Over the course of eight years, Swakow's strategic leadership and expertise have led to remarkable success, driving average annual growth of 43%. Today, NOBLELIFT is supported by a professional dealer network spanning the entire country, with sales growth consistently outpacing the industry, a true testament to Swakow’s vision and determination.
Swakow’s leadership also played a key role in expanding NOBLELIFT's footprint into Canada by helping to establish NOBLELIFT Canada. His unwavering belief in the brand and dedication to fostering partnerships were critical to this growth.
Reflecting on his tenure, Swakow remarked, “It takes a great team to do what we did in eight years, and that’s what we have—A Great Team! I have always believed in fostering open communication, creating a culture of trust, empowering individuals, leveraging diverse perspectives, and prioritizing collaboration. We have all worked very hard, and I am proud of them all.”
Swakow’s career in the material handling industry began long before his time at NOBLELIFT. He co-founded a lift truck dealership with his brother, representing brands like Komatsu, Mitsubishi, Tailift, and TCM. After decades of success, they sold the dealership and related businesses in 2012. Swakow also played a key role in the wider industry, serving as a founding member and Presidentof the Chicago Industrial Truck Dealers Association and as President of MHEDA (Material Handling Equipment Distributors Association) in 2004. His strong belief in the power of networking was critical to the formation of NOBLELIFT North America.
"MHEDA has always been the optimal association for networking," Swakow stated. "The connections and insights I gained through MHEDA were invaluable as we built NOBLELIFT North America from the ground up."
The succession plan for Swakow's role has been set, with the announcement of his successor scheduled for January 7th, 2025. Through January, Swakow will collaborate closely with his successor to ensure a smooth handover of responsibilities and to share his insights and guidance.
“We are grateful for Loren’s remarkable contributions to NOBLELIFT North America,” stated Wendy Mao, CEO at Noblelift Intelligent Equipment Co., Ltd. “His vision and passion have been instrumental in shaping our success. We are committed to building on the strong foundation he has established.”
Swakow’s dedication to excellence, his ability to inspire trust, and his relentless pursuit of success will leave a lasting impact on the material handling industry. While the company expresses enormous gratitude for his leadership, it is clear that his legacy will continue to guide NOBLELIFT on its upward trajectory.
About NOBLELIFT North America
NOBLELIFT® North America (www.nobleliftna.com) is a global leader in Lithium-iron technology. We manufacture a comprehensive range of high-performance, low-maintenance manual, electric, and internal combustion equipment with more than 200 categories and around 30 series of each product. Our products are designed to meet different application demands and are well accepted by our customers in more than 100 countries and regions in Europe, America, Asia, Africa and more. Products include: sit-down forklifts, rough terrain forklifts, narrow aisle forklifts, walkie-stackers, order pickers, electric pallet trucks, scissor lifts, tuggers/tow tractors, scrubbers, sweepers, automated guided vehicles (AGV’s), lift tables, manual pallet jacks and more. Noblelift® North America builds tough, durable products that deliver high productivity, low total cost of ownership, easy serviceability, and advanced ergonomic features; accompanied by outstanding parts, service, and training support.
For more information about our company and our products, visit www.nobleliftna.com or follow us on social media.
Grocery shoppers in Australia will soon be able to zip in and out of the store in record time, bypassing the lines for cashiers or self-checkout kiosks altogether. They can just walk in, make their selections, and walk out with their bags in hand.
The secret to this express shopping experience is the “Caper Cart,” an AI (artificial intelligence)-powered smart trolley from San Francisco-based Instacart. In its first deployment in the Asia Pacific (APAC) region, the system is being tested by Coles Supermarkets, a food and beverage retailer with more than 1,800 grocery and liquor stores throughout the country.
To get started, customers simply grab a grocery cart-sized smart trolley at the store’s entrance and begin shopping, depositing the items directly into shopping bags as they go. The Caper Carts use onboard AI, cameras, and a built-in scale to automatically recognize items as they’re added to the trolley. Customers can watch their running total display on a screen—just as if they were shopping online—then swipe their credit card on the trolley’s payment terminal to complete the purchase.
“As the first retailer in Australia to introduce AI-powered trolleys, we’re excited to offer our customers a convenient and engaging way to shop in-store, helping them save time, manage their budget, and check out faster—or at their own pace,” Coles’ chief digital officer, Ben Hassing, said in a release. “The Coles smart trolley illustrates our omnichannel approach, leveraging digital capabilities to enrich the in-store experience.”
If you’re looking to make the packaging process more eco-friendly, the obvious place to start is with the box itself. And that’s exactly what Salt Lake City-based Packsize did when it made its initial foray into sustainable packaging back in 2002. That year, the company launched its first product, an innovative on-demand packaging system designed to reduce cardboard waste (and the need for filler material) by creating a right-sized box for each shipment.
Now the company is ready for the next step: greening up the glue.
According to Packsize, 300 billion boxes around the globe are sealed using 500,000 tons of hot-melt adhesive every year, contributing significantly to global emissions generated by the paper-based packaging industry. In a bid to cut those emissions, Packsize recently teamed up with Henkel Adhesive Technologies, a unit of the German chemical and consumer goods company Henkel, to launch Eco-Pax, a bio-based hot-melt adhesive designed to lower carbon footprints without sacrificing performance.
Eco-Pax is made from bio-based raw materials, forgoing traditional fossil-based ingredients. The adhesive will soon be used on more than 340 million boxes produced annually using Packsize’s right-sized packaging machines. That single change is expected to reduce Science Based Targets Initiative (SBTi)-relevant greenhouse gas (GHG) emissions up to 32%, which is equivalent to the burning of 1.75 million pounds of coal, the partners said.
“Partnering with an innovative leader like Packsize to launch a bio-based adhesive solution is a big step toward building a more sustainable packaging value chain,” Kevin Heffernan, head of business development, North America, consumer goods adhesives, Henkel Adhesives Technologies, said in a release. “Together, we’re setting a new standard for sustainability in packaging while delivering the high-performance brands and consumers trust.”
MOORESTOWN, NJ (December 18, 2024) OPEX® Corporation, a global leader in Next Generation Automation providing solutions for document, mail, and warehouse automation, has been selected as a finalist in the 2024 NED (New Equipment Digest) Innovation Awards, which celebrates innovations in industrial technology, tools, and equipment that empower businesses to work faster, better, and more cost-effectively.
Introduced in March 2024, Sure Sort X with Xtract is a fully adaptable, turnkey offering designed to automate multiple manual tasks with a simple, one-touch solution.
The technology handles nearly 100% of customer-sortable items weighing up to 20 pounds and sorts items into a configurable array of mixed bin sizes and types, all while maintaining a consistent throughput of up to 2,100 items per hour.
“We are excited to once again receive this recognition, which honors our warehouse automation solutions that clients around the globe count on, as well as our culture of innovation,” said Alex Stevens, President, OPEX Warehouse Automation. “Sure Sort has long been a preferred warehouse automation solution for distribution centers and third-party logistics companies. Sure Sort X paired with Xtract has been developed to meet the evolving demands of the marketplace to deliver one integrated solution that automates the sort and order takeaway process.”
When Sure Sort X is paired with Xtract, totes are retrieved and their contents are transferred into shipping containers automatically, eliminating the need to manually sort and transfer boxes downstream. Xtract iBOTs can handle up to 200 extracted totes per hour.
The system can accommodate multiple market vertical workflows and greatly reduce the need for human interface. Installation can occur in as little as one week and return on investment can be realized within just two years.
For nearly five decades, OPEX has served as a trusted partner, collaborating closely with clients to develop customized, scalable solutions that transform how they conduct business.
About OPEX
OPEX Corporation is a global leader in Next Generation Automation, providing innovative, unique solutions for warehouse, document and mail automation. With headquarters in Moorestown, NJ, USA—and facilities in Pennsauken, NJ; Plano, TX; France; Germany; Switzerland; the United Kingdom; and Australia—OPEX has nearly 1,600 employees who are continuously reimagining and delivering customized, scalable technology solutions that solve the business challenges of today and in the future.
Columbus, OH – December 18, 2024 – Hy-Tek Intralogistics, a premier provider of software, systems and services for supply chain automation technology, has released an episode of its popular podcast Automation Insider that looks at warehousing trends for 2025.
Automation Insider is a podcast created for people interested in what is new and what is successful in logistics and automation technology across a wide range of industries.
“Warehousing is evolving faster than ever,” said Hy-Tek Intralogistics Solutions Design Lead and Automation Insider Host Joe McGrath. “Technology is no longer just a support tool—it’s becoming the driving force behind how we handle inventory, meet customer demands and tackle challenges like sustainability. As we move toward 2025, staying ahead means embracing the trends shaping the future of logistics.”
From smarter warehouses powered by AI to green logistics initiatives, Hy-Tek takes a look at the top trends transforming warehousing and why they matter for your business.
Fans of the podcast can contact show producer Amanda Powers at AutomationInsider@hy-tek.com to provide feedback and ideas for the podcast, or to become a guest on the show. You can also listen on Spotify, YouTube or Apple.
About Hy-Tek Intralogistics
Bringing unique solutions to material handling challenges, Hy-Tek is a leading end-to-end resource and automation technology integrator across a wide range of industries including manufacturing, distribution, retail, construction, food and beverage, pharmaceuticals, electronics and automotive that keep their supply chain moving seamlessly and efficiently.
Hy-Tek works with supply chain strategy and planning before integration and then leverages emerging technologies like the IntraOne® full stack software platform, robotics and traditional material handling automation to solve complex product and information flow inefficiencies. Through many hours of research, development and testing, Hy-Tek has created its Innovation Lab to present the future in motion and to show the new age of picking, transporting and storing of goods and equipment in real-time. With more than 425 employees, Hy-Tek serves customers in the United States, Canada and Mexico from offices in Georgia, Illinois, Kentucky, New Jersey, Ohio, Pennsylvania and Tennessee. For more information, visit www.hy-tek.com