Driver Technologies Announces $6 Million Strategic Funding Round
AI mobility safety company receives funding, co-led by IA Capital and CT Innovations, to create a safer driving experience
NEW YORK, NY / ACCESSWIRE / June 8, 2023 / Driver Technologies, Inc. (Driver), an AI-based mobility tech company that delivers a safer, smarter driving experience, today 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 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. 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," said Rashid Galadanci, CEO and co-founder of 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."
Over the last six months, Driver 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," said Matt Perlman, Partner at 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. 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. The results additionally 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," said 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. "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."
For more information about Driver Technologies, please visit drivertechnologies.com or download the Driver App (Apple or Android app store).
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About Driver Technologies
Driver Technologies is an AI-based mobility tech company that delivers the products and services needed to keep everyone protected on the road. Their mobile app, Driver, transforms a driver's phone into a dash cam designed to improve road safety and make mobility technology more accessible. Driver allows users to video record their trip while receiving safety alerts such as forward collision, driver drowsiness and distraction warnings while also offering cloud-based video storage, roadside assistance services, coaching, and scoring capabilities. Users have full control over their data stored on the Driver Cloud and can choose what to share with interested parties such as employers, insurers and family members. For more information, please visit drivertechnologies.com.
About IA Capital Group
Founded in 1992, IA Capital is a New York-based investment firm and manager of the Inter-Atlantic funds. The firm has a 23 year track record of managing venture capital funds for insurance companies, currently totaling 20 insurers representing over $1.5 trillion of assets. In 2021, from two investments of $5 million each, IA Capital distributed $400 million to its investors/partners.
About Connecticut Innovations
Connecticut Innovations (CI) is Connecticut's strategic venture capital arm and the leading source of financing and ongoing support for Connecticut's innovative, growing companies. CI provides venture capital and strategic support for early-stage technology companies, financial support for innovation and collaboration, and connections to its well-established network of partners and professionals. For more information, please visit http://www.ctinnovations.com.
Driver Technologies Contact
Maddie Hirsch
Caliber Corporate Advisers
driver@calibercorporateadvisers.com
IA Capital Group Contact
Ravi Shah
contact@iacapgroup.com
Connecticut Innovations Media Contact
Lauren Carmody
lauren.carmody@ctinnovations.com
SOURCE: Driver Technologies, Inc.
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