Driveway Software, a smartphone-based telematics solutions provider, has raised $10 million in series A funding for expansion.
The funding will be used to strengthen its position in the mobile telematics segment, hire resources, identify new markets for telematics by using Big Data.
The latest $10 million funding round is led by Ervington Investments, representing Russian businessman Roman Abramovich.
Based in the Silicon Valley, Driveway Software Driveway completed a $1.3 million seed round in August 2013, with participation from AltaIR Capital, IMI.VC, and Kernel Capital.
Since the launch five years ago, its smartphone app called Drivewise.ly collected over 500,000,000 miles and rewarded more than 250,000 drivers.
Igor Katsman, founder of Driveway, said: “Our technology has removed the barriers that existed with legacy telematics solutions.”
The iOS and Android app, paired with cloud analytics, automatically and objectively scores driver behavior. For insurance companies, the platform yields increased profits by attracting safer drivers who are segmented and priced more efficiently based on individually measured risk profiles.
For consumers, the platform offers transparent, personalized pricing and actionable suggestions, helping over 80 percent of them to earn rewards for being safer drivers.
The company has already worked with companies such as Pinnacle Actuarial Resources, AmWins and Deloitte to make roads safer and help drivers save money on gas and auto-insurance.