We are excited to enter 2019 with a new $100 million investment from our investors Andreessen Horowitz and General Catalyst!
We had a tremendous 2018, with revenue growth over 250%, multiple new products launched, international expansion, and a user base growing well past 5,000 customers. Yet going into the new year, we reflect on how these achievements are dwarfed by the potential that lies ahead. With this new funding, we’ll have ample capital to continue to innovate and expand our impact to customers for years to come.
Our growth comes from bringing transformational new technologies to solve the problems of operational businesses, a massive segment of the economy that has long been underserved by the technology industry. Today, the advent of inexpensive sensors, high-bandwidth wireless connectivity, smartphones, and cloud computing enable these businesses to fully reap the benefits of 21st century technology.
Our customers range from small businesses to large enterprises in transportation, field services, energy, food production, and manufacturing. Taking a customer-centric approach to innovation, we’ve built a unique, integrated portfolio of products that enable our customers to improve the safety, efficiency, and customer service of their operations. For example, a customer in transportation and logistics – one of our largest customer segments – can use our platform to:
Harness Artificial Intelligence to identify and correct risky driving behavior, measurably reducing the human and financial costs of accidents
Move from paper-and-clipboard processes to digital workflows, saving time and revealing new business insights
Deliver an Amazon-like customer experience with narrower delivery windows and real-time notifications to customers
The impact of connected operations is widely expected to be massive. IDC forecasts the worldwide technology spending on the Internet of Things to reach $1.2 trillion in 2022, while McKinsey & Company reports that the economic benefits of linking the physical and digital worlds could be many times higher.
As such, by onboarding thousands of customers and learning about their businesses, we’re constantly discovering new applications for our technology, often at the suggestion of the customers themselves. Through listening to our customers, we’ve extended our solution from tracking vehicles to managing driver safety, controlling remote sites, and monitoring factory lines. With a fast-growing team, we are excited to continue to expand our platform to serve new markets and solve new customer challenges.
With the new funding, we’ll accelerate new technology development in both fleet and industrial product areas, deepen our international presence, and scale sales and support teams to maintain an exceptional customer experience as we grow. In the New Year, we are particularly excited to:
Hire 1,000 new employees to build new products, enter new markets, and support growing customer demand
Double down on artificial intelligence and computer vision, building on the success of our driver safety system and bringing AI to new applications
Expand our offices in San Francisco, San Jose, and London, and open our first East Coast hub in Atlanta which will house hundreds of new employees
While the company already had a healthy balance sheet – we hadn’t dipped into our previous round of funding – the new capital enables us to accelerate long-term product investments and expand into new markets while continuing to maintain a strong balance sheet over the long term. The new investment brings our total capital raised to $230 million, and values the company at $3.6 billion.