Lytx Sets All-Time Record Revenue in 2020
SAN DIEGO, April 14, 2021 /PRNewswire/ -- Lytx®, a global leader in video telematics solutions, today announced it achieved record revenue in 2020, driven by a 63% increase in new customers along with significant demand from current clients for its industry-leading machine vision and artificial intelligence (MV+AI) technology. The growth trajectory continued in Q1 2021 with Lytx reporting a new quarterly record of over 100,000 new and upgrade subscriptions to its best-in-class MV+AI technology.
“In a year filled with uncertainty, we accelerated our growth by focusing on delivering value to clients as they rose to the challenge brought on by the global crises of 2020,” said Brandon Nixon, Chairman and CEO of Lytx.
Even as competitors consolidated or reduced headcount, Lytx continued to expand its global team and increase investment in research and development by 27% in 2020, fueling innovations to drive the next decade of industry-first solutions. Demand for these solutions affirmed the company’s strong financial standing. Berg Insight’s 2021 market report has named Lytx the global leader in video telematics with an estimated 700,000 subscriptions – two times the size of the company’s nearest competitor.
“Thanks to the largest-ever investment in video telematics from Permira that valued Lytx in excess of $2.5 billion,” Nixon said, “We were able to drive even greater investment in our capabilities to help fleets improve their operations, enhance their profitability, and better protect their most valuable assets – their employees.”
Key Business Achievements for Lytx in 2020
- Achieved record revenue in 2020, reflecting strong adoption in all of its key markets.
- Expanded customer base with nearly 750 new clients in 2020, an increase of 63% over new customers in 2019, including such industry leaders as Coca-Cola Beverages Florida, LLC, The Kroger Fulfillment Network, Badger Daylighting Corp., Foodliner Inc., Love’s Travel Stops and Country Stores Inc., and Lyreco UK.
- Drove a 105% increase in bookings of small business clients.
- Upgraded a record 125,000 vehicles to Lytx’s best-in-class MV+AI technology, expanding on a substantial existing client base leveraging the company’s most advanced offering.
- Affirmed client choice for long-term investments in Lytx through upgrades or expansions with clients such as Waste Management National Services Inc., Waste Connections Inc., ARS Corp., Ryder Integrated Logistics, U.S. Xpress Enterprises, and Ruan Transportation Management Systems.
- Boosted total R&D spending by 27% in 2020 over the prior year, making innovation by far the company’s single greatest area of investment.
- Completed a record 180,000 installations in 2020 with accelerating momentum in the fourth quarter, despite restrictions associated with COVID-19.
- Acquired the Surfsight™ product line to expand distribution channels in global markets.
Advancing Innovation for Every Fleet
In 2020, Lytx significantly expanded its MV+AI offerings, using the technology it had been developing for more than a decade to identify and capture in-vehicle risk with unmatched accuracy. The company enhanced its offering by adding the capability to detect five additional behaviors using MV+AI – handheld device, no seat belt, food or drink, driver smoking and inattentiveness. With MV+AI, fleets are able to detect risks much more quickly, in some cases as much as 21 times faster, than relying on accelerometer data alone. In addition, pairing MV+AI with real-time audio alerts helped select clients immediately reduce risky behaviors, such as handheld device use, by as much as 50%.
Throughout 2020, Lytx advanced its data leadership, adding 33 billion miles of commercial driving data, bringing the total number of driving miles analyzed by Lytx to over 150 billion. The company leveraged the insights generated by its data to drive unmatched accuracy in its risk-detection algorithms and fuel product development. Among the many groundbreaking innovations released this past year:
- Launched Lytx Lab, a first-of-its-kind data dashboard that gives clients access to view risk maps, plot vehicle trips around risk points, and check traffic or weather with near real-time road view images from more than 350,000 cameras.
- Paired driver-view MV+AI triggers with real-time, in-vehicle alerts that help drivers recognize patterns of risky driving and self-correct in the moment.
- Introduced the ability to quantify the duration and percentage of drive time a driver engaged in a risky behavior, using MV+AI to provide a more complete view of risk.
- Developed Risk ID Without Recording to detect patterns of risky driving without recording video of the driver, an industry-first feature offering additional privacy for drivers.
- Launched the Lytx Driver App, designed to help drivers take charge of their driving safety by reviewing their own video and performance stats.
- Added Lytx Badge driver identification capabilities using machine vision to detect QR codes, making it easier for fleets to manage driver-to-vehicle assignments.
- Released the Lytx Unassigned Drive Time service, a first-of-its-kind offering designed to save fleets time, reduce labor costs, and improve ELD compliance.
- Advanced integration features that enable best-in-class video services with Geotab application and ELD.
Lytx’s innovation leadership is reflected in its robust patent portfolio, which totals over 170 issued and pending patents. Leading towards an unparalleled all-in-one offering, the company also added new features to its Fleet Tracking Service, Map Search, and Video Browse that make it easier for clients to self-service, locate, and immediately download video clips. In addition to enhancing the company’s product portfolio, Lytx announced integrations with industry leaders Geotab and Idelic making the company the preferred product for companies looking for a configurable, trusted product.
Looking Ahead In 2021
Lytx has continued to perform and execute well into 2021, reporting strong Q1 results including a new quarterly sales record of over 100,000 new and upgrade subscriptions.
In March 2021, Lytx was named a top ten Fast Company’s Most Innovative Companies in Data Science for its data-driven innovation in MV+AI capabilities released throughout 2020. Lytx has also been recognized as a Great Place to Work in all three countries in which it has locations, including the United States, United Kingdom, and Israel. The company is committed to helping clients further streamline and consolidate fleet technologies in 2021. By providing more integration opportunities, expanding its product portfolio, offering customized reporting, and fostering customer feedback, Lytx looks forward to helping fleets address their broader needs with a configurable all-in-one fleet technology solution.
Lytx® is a leading provider of video telematics, analytics, safety, and productivity solutions for commercial, public sector, and field service fleets. Our unrivaled Driver Safety Program, powered by our best-in-class DriveCam® Event Recorder, is proven to help save lives and reduce risk. We harness the power of video to help clients see what happened in the past, manage their operations more efficiently in the present, and improve driver behavior to change the future. Our customizable services and programs including driver safety, risk detection, fleet tracking, compliance, and fuel management. Using the world’s largest driving database of its kind, along with proprietary machine vision and artificial intelligence technology, we help protect and connect thousands of fleets and an estimated more than 1.5 million drivers worldwide. For more information on Lytx telematics systems, visit www.lytx.com, @lytx on Twitter, LinkedIn, our Facebook page or our YouTube channel.
Kris Kraves at Zebra Partners on behalf of Lytx
View original content to download multimedia: http://www.prnewswire.com/news-releases/lytx-sets-all-time-record-revenue-in-2020-301268536.html
SOURCE Lytx, Inc.