The round was led by New York-based investment firm, IA Capital, and CT Innovations, the venture capital arm of the State of Connecticut.
Major insurers, including Liberty Mutual Strategic Ventures and State Auto Labs/Rev 1, as well as investors from The Social Entrepreneurs’ Fund, ID8 Investments, C2 Ventures, and Kapor Capital, also participated in the round. This brings Driver Technologies’ total funding to over $16 million.
The fresh injection of funds will be instrumental in driving the widespread adoption of Driver®, the company’s highly acclaimed AI-powered dash cam and safety alert app, within insurance-supported programs catering to both commercial and personal drivers. Moreover, the funding will facilitate direct collaborations with insurance, automotive, and municipal partners focused on enhancing road safety.
Driver Technologies innovations to “democratise’ road safety
“We are dedicated to providing a solution that democratises road safety for drivers and all road users,” commented Rashid Galadanci, CEO and co-founder of Driver Technologies. “With this funding, we can reach a larger audience, mitigate preventable accidents, curtail distracted and drowsy driving, and deliver privacy-focused, safe-driving benefits to drivers, fleet owners, and insurers. Additionally, we plan to expand our Professional Driver solution into international markets.”
Matt Perlman, Partner at IA Capital Group, expressed his pride in Driver Technologies’ achievements, stating, “We are incredibly proud of the progress Driver Technologies has made in obtaining product and security approval, enabling it to serve as the video and telematics provider for numerous leading insurers, emerging carriers, and commercial fleet platforms. We are thrilled to support their scaling efforts in the next phase.”
Driver Technologies recently conducted an analysis of the driving behavior of 17,000 drivers utilizing the Driver platform. The study revealed that these drivers were 11 times less likely to exceed speed limits, four times less likely to disregard stop signs, three times less likely to tailgate, and three times less likely to brake abruptly. Moreover, the results demonstrated that drivers become safer in their driving habits the longer they utilize the platform.
Douglas Roth, Managing Director of Investments at Connecticut Innovations (CI), lauded Driver Technologies for leveraging artificial intelligence in innovative ways to bolster driver safety and promote cost savings. He remarked, “With its impressive and comprehensive product roadmap, the company continues to engage a diverse range of industry players, including insurance carriers, commercial and municipal fleets, built-in OEM integrations, and autonomous vehicle manufacturers. We are excited to support Driver Technologies’ ongoing expansion.”
Source: FF News
