Driver Technologies – an AI-based mobility tech company that delivers a safer and smarter driving experience – announced recently the closing of a $6 million strategic funding round led by IA Capital and CT Innovations (the venture capital arm of the State of Connecticut). And major insurers also participated in the round including, Liberty Mutual Strategic Ventures, State Auto Labs/Rev 1, and investors from The Social Entrepreneurs’ Fund, ID8 Investments, C2 Ventures, and Kapor Capital. Through the closing of this round, Driver Technologies has now raised more than $16 million.
This latest round of investment will help fuel the continued adoption of Driver – which is the company’s top-rated AI-powered dash cam and safety alert app – into insurance-backed programs for commercial and personal drivers. The funding will also be used to pursue direct integrations with insurance, automotive and municipal partners working to enhance road safety.
Over the last 6 months, Driver has launched 2 subscription plans: Driver Professional for enterprise fleets and Driver Family for households. And the company has also launched Driver Cooler, a cooling dash cam phone mount designed to encourage hands-free phone usage in the car. Plus Driver has recently formed multiple new partnerships, including an integration as the only software-first solution on the Geotab Fleet Management Platform. The company has also entered the OEM market with TomTom and is protecting the car rental and sharing economy industry with Getaround.
Driver has recently analyzed the driving patterns of 17,000 drivers using the Driver platform. And drivers were 11 times less likely to speed, 4 times less likely to run stop signs, 3 times less likely to tailgate, and 3 times less likely to brake hard. The results additionally demonstrated that the longer a driver uses the platform, the safer they get in driving habits.
KEY QUOTES:
“Our mission each day is to create a solution that helps democratize road safety for drivers as well as for everyone on our roads and streets. This funding will allow us to reach more drivers, reduce preventable accidents and limit distracted and drowsy driving, all while delivering privacy-focused, safe-driving savings to drivers, fleet owners and insurers. We also intend to expand our Professional Driver solution into international markets.”
— Rashid Galadanci, CEO and co-founder of Driver Technologies
“We’re incredibly proud of the progress Driver Technologies has made in gaining the product and security approval needed to be the video and telematics provider for multiple leading insurers, up-and-coming carriers, and commercial fleet platforms. We are excited to help them scale to the next stage.”
— Matt Perlman, Partner at IA Capital Group.
“Driver Technologies has made great strides in using artificial intelligence in new and innovative ways in its mission to increase driver safety and help drivers save money. With its impressive and robust product roadmap, the company continues to engage a variety of industry players including insurance carriers, commercial and municipal fleets, built-in OEM integrations, and autonomous vehicle manufacturers. We’re excited to support Driver Technologies’ continued growth.”
— Douglas Roth, Managing Director of Investments at Connecticut Innovations (CI), the State of Connecticut’s venture capital arm and leading source of financing and ongoing support for innovative, growing companies
