Zendrive, a solution provider to make roads safer with data
and analytics, has recently announced that it has raised $37 mn in Series B
funding, led by XL Innovate with participation by Hearst Ventures and existing
investors like ACME Capital, BMW iVentures, NYCA, SignalFire, and others.
this funding, Zendrive plans to grow its team across five continents to deepen
its focus on the global insurance market.
Matus, CEO & Co-founder, Zendrive said, “Zendrive was founded to make roads
safe with data and analytics. As we enter this next phase of the business, we
are excited to continue to push the innovation curve forward and align with
partners who are similarly committed to improving driving behavior using
technology and incentives.”
Risbood, Technical Co-Founder, Zendrive, said, “Our world-class team of data
scientists and engineers are building technology that reduces collisions, improves
road risks and ultimately saves lives. It’s of utmost importance that we invest
in our teams as they tackle important technical challenges that also have a
direct social impact.”
to the financing, Zendrive is announcing the launch of FullStop,
the first and only mobile-powered risk solution for stop sign violations
designed for the InsureTech industry. Leveraging the extraordinary level of
resolution made possible by Zendrive’s broad data coverage, FullStop offers
predictive capabilities not achievable with traditional telematics factors like
speeding and aggressive acceleration, showing that drivers who violate at least
one stop sign per month are up to 5.8x more likely to
crash and have higher rates of T-bone and head-on collisions.
Hutton, Chairman of the Board of Directors, SoFi said, “No one ever imagined
that smartphone sensors could detect stop sign violations without dedicated
hardware like dash-mounted cameras. Zendrive’s data science capabilities are
pushing the envelope from what’s conceivable to what’s now currently possible.”
technology developed in Zendrive’s Bangalore R&D centre is available for select
partners using Zendrive’s RiskReveal, the award-winning suite of
smartphone-based solutions for insurers, which brings the power of AI to
underwriting, loss control, and claims processing,” Risbood held.
will continue to grow its portfolio of solutions to build the most
comprehensive driving safety platform and make the world’s roads safer.