Video telematics specialist Lytx has announced 2019 results that saw it continue growth, with more than 100,000 vehicles added to the network.
The rise, following a 32% increase in subscription sales, means the network now covers more than 600,000 devices, protecting some 1.3 million drivers. Last year, 20 billion miles of driving data was added to the Lytx database.
The figures also show nearly 25% of new customers are fleets that have switched to Lytx from other video providers.
According to analyst firm Frost & Sullivan, Lytx has 60% share of the total video safety market – more than triple the share of its nearest competitor. Customers number more than 4,000 organisations, covering fleets of all sizes and across all sectors.
Brandon Nixon, Lytx chairman and CEO, said: “2019 was a phenomenal year for Lytx by any measure. It has been over 20 years since we created the first technology in the video telematics space. As we enter this new decade, our future is brighter than ever.
“Anyone can capture video from a vehicle,” Nixon continued. “But we have billions of miles of data and experience across thousands of fleets that enable us to make an effective behaviour-change tool for fleets of all sizes. We decipher millions of hours of driving data a day and use it to deliver meaningful insights to clients that make a difference for their business. That’s why more and more fleets are turning to Lytx. We understand the challenges they face day-in and day-out and innovate to exceed their expectations.”
So far this year, Lytx has already announced the largest-ever investment in video telematics from global private equity firm Permira. This investment values Lytx in excess of $2.5bn (£1.9bn).
“The precision of our technology is unmatched in the industry. With the scale of our data, we can train our cameras to see and recognize anything of value to our clients,” Nixon said. “The power and capability of our MV+AI technology only scratches the surface of its future potential. It presents a massive opportunity for our clients as we continue to fine-tune our offerings moving into this next decade. The number of ways we can help improve fleet operations are boundless.”
