SmartDrive Systems, a company that is developing technologies intended to improve fleets' fuel efficiency and safety, has secured $47 million in venture funding from Oak Investment Partners, New Enterprise Associates and Stanford University.

The company says this new flood of capital will help "accelerate customer adoption, channel partnerships and the company's industry-leading research and development." SmartDrive's driving performance program enables fleets to increase operating efficiency, such as improvements in fuel efficiency of up to 30%.

SmartDrive notes that its current public and private fleet customers include those involved in public transit, commercial trucking, waste hauling, food and beverage delivery, and shuttle operations.