(Image source: Screenshot of Driver app.)
Driver Technologies, Inc. (Brooklyn, N.Y.), an AI-based mobility tech company aimed at delivering a safer driving experience, has announced the closing of a $6 million strategic funding round led by New York-based investment firm, IA Capital, and CT Innovations, the venture capital arm of the State of Connecticut. Major insurers also participated in the round including, Liberty Mutual Strategic Ventures, State Auto Labs/Rev 1, as well as investors from The Social Entrepreneurs’ Fund, ID8 Investments, C2 Ventures and Kapor Capital. With the closing of this round, Driver Technologies reports that it has now raised more than $16 million.
The latest round of investment will help fuel the continued adoption of Driver, the company’s top-rated AI-powered dash cam and safety alert app, into insurance-backed programs for commercial and personal drivers, according to a Driver Technologies statement. The company says that the funding will also be used to pursue direct integrations with insurance, automotive and municipal partners working to enhance road safety.
“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,” comments Rashid Galadanci, CEO and co-founder, Driver Technologies. “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.”
Driver reports that, over the last six months, it has launched two subscription plans: Driver Professional for enterprise fleets and Driver Family for households. The company has also launched Driver Cooler, a cooling dash cam phone mount designed to encourage hands-free phone usage in the car. 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.
“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,” comments Matt Perlman, Partner, IA Capital Group. “We are excited to help them scale to the next stage.”
Driver recently analyzed the driving patterns of 17,000 drivers using the Driver platform. The analysis revealed that drivers were 11 times less likely to speed, four times less likely to run stop signs, three times less likely to tailgate, and three times less likely to brake hard. Driver reports that the results also demonstrated that the longer a driver uses the platform, the safer they get in their driving habits.
“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,” comments Douglas Roth, Managing Director of Investments, Connecticut Innovations (CI), the State of Connecticut’s venture capital arm and leading source of financing and ongoing support for innovative, growing companies. “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.”