February marks Lytx’s 20th anniversary, and with that, two decades of innovation through video telematics. With the launch of its flagship DriveCam program, Lytx introduced the idea of video-based safety in 1998 and has moved forward ever since.
To date, the company has analyzed more than 80 billion miles of driving data on behalf of more than 3,000 commercial and government fleet clients from around the world, unlocking new insights into driving behaviors and collision prevention. In addition, Lytx has sold 500,000 subscriptions, helping to protect 850,000 drivers worldwide. Lytx estimates it has helped its clients cut collision rates in half and the associated claims costs by up to 80% percent. In 2017 alone, the company helped its clients save an estimated $494.4 million in total claims.
With the versatility of video and the power of predictive analytics, Lytx’s DriveCam program has become an industry standard in commercial transportation.
“Lytx pioneered the video telematics category and has since set the pace of innovation in the industry,” said Krishna Chaithanya, senior analyst of Mobility, Automotive and Transportation at Frost & Sullivan. “As the largest player in the sector, Lytx is able to use its formidable store of driving data to continue to answer previously unanswerable questions. We're talking about 80 billion miles of driving data worldwide, accumulated over two decades—all being used to help solve a growing array of tough operational problems for its clients.”
Today, Lytx is combining machine learning and machine vision to further expand how clients can benefit from video telematics, with breakthrough products such as Lytx Video Services and ActiveVision service.
“Artificial intelligence models will give our clients faster, deeper, and more thorough visibility into their operations,” said Brandon Nixon, Chairman and Chief Executive Officer of Lytx. “We’re committed to innovating on behalf of our clients to help them be more efficient, find ways to better serve their customers, and keep their workers safe.”
Today, Lytx is also announcing it has reached the milestone of having captured and analyzed more than 80 billion miles of driving data while continuing to add approximately 1 billion miles every two weeks. These 80 billion miles – the equivalent of more than 3 million trips around Earth or 430 round trips to the Sun – have informed Lytx’s unparalleled understanding of human driving behaviors; road and weather conditions across urban, rural, highway and residential environments; vehicle stability; fuel efficiency; and more.
The company has also sold half a million subscriptions, more than any other video telematics company in the world.
“Artificial intelligence algorithms are only as smart as the data that go into them,” said Nixon. “Luckily, Lytx has more driving data of this kind than any other company on the planet. This milestone of reaching 80 billion miles shows just how far our platform has grown and how much better it gets every day.”
Originally posted on Automotive Fleet