Mobile telematics company Driveway Software, Inc. has secured a $10 million round of funding. The funding was led by Ervington Investments. Ervington Investments is representing Roman Abramovich, a prominent Russian businessman. No word on what the funding will go to, but it can be assumed it will go towards strengthening Driveway’s team and their position in the mobile telematics market.
In a quote from Driveway Software:
“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,” said Igor Katsman, Founder of Driveway. “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.”
Telematics is the branch of technology that deals with long distance transmission of data, such as GPS systems and automatic driving assistance. Driveway focuses on using big data to disrupt the insurance industry via smartphone-deployed telematics designed to encourage and monitor safe driving. The app (available on both iOS and Android) runs in the background to monitor your driving, automatically and objectively. Insurance companies can use this information to attract new policyholders and retain the best drivers. Drivers can use this type of information to improve their driving habits (and improve their rates) through immediate performance feedback from the app.
This round of funding comes after $1.3 million seed round in 2013 which includes Kernel Capital, AltalR Capital, and IMI.VC.
If you’d like to know more about Driveway Software, make sure to check them out here.