Data and Mobile Telematics company, Driveway Software, Inc., has closed a $10 million funding round led by Ervington Investments, representing prominent Russian businessman Roman Abramovich. The funds will be used to further strengthen Driveway’s position as the best in class telematics solution, create new markets for telematics solutions and grow the company’s team by attracting the smartest minds in the industry.
Igor Katsman, Founder of Driveway, explained:
“Since we launched five years ago, our smartphone app, Drivewise.ly, has collected over 500,000,000 miles and rewarded more than 250,000 drivers. In that time, we have worked with many great companies such as Pinnacle Actuarial Resources, AmWins and Deloitte to make roads safer and help drivers save money on gas and auto-insurance.
“The new funding is a recognition that mobile telematics is becoming a ubiquitous part of our everyday lives. Our state-of-the-art technology has removed the barriers that existed with legacy telematics solutions. Customers can be engaged like never before, with resulting big data yielding unprecedented levels of actionable insights.”
Driveway is a smartphone-deployed telematics platform designed to reward safe driving. The iOS and Android app, paired with powerful cloud analytics, automatically and objectively scores driver behavior. For insurance companies, the platform yields increased profits by attracting safer drivers who are segmented and priced more efficiently based on individually measured risk profiles. For consumers, the platform offers transparent, personalized pricing and actionable suggestions, helping over 80% of them to earn rewards for being safer drivers.
Driveway previously completed a $1.3 million seed round in August 2013, with participation from AltaIR Capital, IMI.VC, and Kernel Capital.
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