(Image source: Nissan Commercial Vehicles.)
Drive Spotter (Omaha), a startup alumnus of the Global Insurance Accelerator (Des Moines), has closed a $750,000 round of financing led by Grinnell Mutual Reinsurance (Grinnell, Iowa), an investor in the GIA. Drive Spotter’s video analytics platform analyzes driver behavior with the aim of improving commercial fleet vehicle and driver performance.
“This funding is the largest investment for a Global Insurance Accelerator portfolio company to date,” comments Brian Hemesath, managing director, GIA. “When Drive Spotter graduated from the program, we knew they had created an innovative solution and we are excited to be part of their growth and success as they move forward. It is impressive to see a seed round investment be led by an insurance company.”
The seed funding is helping to scale the Drive Spotter product and grow its team, including a fleet operations office recently opened in Des Moines, according to Chris Augeri, president and CEO, Drive Spotter. “We’ve also filed additional patent applications, expanded our developer team and accelerated our sales pipeline since closing the round,” Augeri reports. “The connections made through the Global Insurance Accelerator have been a dominant factor in our success.”
Commercial fleet managers can use Drive Spotter’s platform to query dash cams and telemetry data to analyze fleet data. These insights can be used to tune driver training and provide incentive structures that boost driver performance, reducing operational costs and accidents, according to the vendor. Insurance and fleet service companies can also access Drive Spotter’s aggregate data to evaluate risks and assist with setting commercial fleet premiums.
Saving Lives and Reducing Costs
“While we anticipate using their technology to improve loss control service for our customers, we’re proud to assist Drive Spotter’s growth as a market-leading platform that can save lives and reduce fleet operating costs,” comments Kurt Eaves, VP, underwriting, Grinnell Mutual. “It is especially exciting to serve as a board member for a company that is gaining interest from vehicle manufacturers, the insurance industry and regulators with respect to creating and deploying autonomous vehicles.”