Driveway Software Raises Round A Funding
Financing will accelerate Driveway Software’s continued enhancement and marketing of its telematics solutions targeted for the usage-based insurance market
CHICAGO, September 4, 2013-- From the Insurance Telematics USA 2013 conference in Chicago, Driveway Software, a provider of smartphone-based telematics solutions for the usage-based insurance market, today announced it has secured Round A in funding led by IMI VC and Altair VC. Also joining in the funding are Kernel Capital and veteran Silicon Valley venture capitalist Peter Wolken.
“With some researchers estimating the number of insurance telematics users could reach 89 million by 2017, the market opportunity for Driveway and its SmartUBI Platform is significant,” commented Igor Ryabenkiy, a managing partner, with Altair VC. “Due to the costs and time required for other telematics solutions, only the large insurers have been able to enter the usage-based insurance market. Driveway offers a very compelling value proposition to all size insurance carriers, making them extremely well positioned with the right technology at the right time to capture a good percentage of the rapidly growing insurance telematics market.”
Igor Katsman, Driveway CTO, noted, “We have enjoyed rapid adoption of our smartphone app, with over 150,000 users representing more than 500,000,000 driving miles of data – data that we use in the analytics component of our SmartUBI Platform. The combination of the smartphone app, the wealth of data, and our cloud analytics offers an insurance carrier a powerful solution for their telematics vision.”
Jake Diner, Driveway CEO, added, “We appreciate the support and confidence our investors have demonstrated with this initial round of funding. The infusion of capital will allow us to aggressively market our offering with the goal of making Driveway and SmartUBI household names in the insurance industry.”
Founded in 2010, Driveway offers insurance carriers looking to enter the usage-based insurance market a cost-effective and quick deployment solution. Driveway’s SmartUBI Platform puts telematics within reach of any size carrier to take advantage of this maturing and growing market segment.
The SmartUBI Platform includes a smartphone app to monitor driving behavior and capture data, as well as cloud-based analytics capabilities. The combination enables carriers to better determine individual driver risk scores to help make the most informed risk and premium decisions. The SmartUBI solutions can be white labeled to each carrier’s preferred branding, look, and feel.
About Driveway Software
Headquartered in San Francisco, Driveway Software Inc, is a software solution provider on the forefront of the insurance telematics wave with the innovative and cost effective solution SmartUBI Platform. Driveway’s offering is fueled by years of military and medical research in the fields of mobile signal processing and portable power sources. For additional information on Driveway Software or the SmartUBI Platform, please visit www.drivewaysoftware.com or call (857) 264-1215.
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