Lytx announced April 14 it achieved record revenue in 2020, driven by a 63% increase in new customers along with significant demand from current clients for its 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 MV+AI technology.
Lytx continued to expand its global team and increase investment in research and development by 27% in 2020.
Key Business Achievements for Lytx in 2020
- Achieved record revenue in 2020
- Expanded customer base with nearly 750 new clients in 2020, an increase of 63% over new customers in 2019.
- Drove a 105% increase in bookings of small business clients.
- Upgraded a record 125,000 vehicles to Lytx’s MV+AI technology.
- 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., AmeriGas Propane, 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.
- 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 expanded its MV+AI offerings, using the technology it had been developing for more than a decade to identify and capture in-vehicle risk. 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 added 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 accuracy in its risk-detection algorithms and fuel product development. Among the many innovations released this past year:
- Launched Lytx Lab, a 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, a 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, an offering designed to save fleets time, reduce labor costs, and improve ELD compliance.
- Advanced integration features that enable video services with Geotab application and ELD.
Lytx’s innovation leadership is reflected in its patent portfolio, which totals over 170 issued and pending patents. Leading towards an 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 Geotab and Idelic.
Originally posted on Automotive Fleet