SAN FRANCISCO, July 31, 2015 /PRNewswire/ -- Big
data and Mobile Telematics Company Driveway Software, Inc. has
closed a $10 million funding round
led by Ervington Investments, representing prominent Russian
businessman Roman Abramovich.
The funds will be used to further strengthen Driveway's
position as the best in class telematics solution, create new
markets for telematics solutions and grow the company's team by
attracting the smartest minds in the industry.
Photo - http://photos.prnewswire.com/prnh/20150730/251335
"Since we launched five years ago, our smartphone app,
Drivewise.ly, has collected over 500,000,000 miles and rewarded
more than 250,000 drivers," said Igor
Katsman, Founder of Driveway. "In that time, we have worked
with many great companies such as Pinnacle Actuarial
Resources, AmWins and Deloitte to make roads safer and help drivers
save money on gas and auto-insurance. The new funding is a
recognition that mobile telematics is becoming a ubiquitous part of
our everyday lives. Our state-of-the-art technology has removed the
barriers that existed with legacy telematics solutions. Customers
can be engaged like never before, with resulting big data yielding
unprecedented levels of actionable insights."
Driveway is a smartphone-deployed telematics platform designed
to reward safe driving. The iOS and Android app, paired with
powerful 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%
of them to earn rewards for being safer drivers.
Driveway previously completed a $1.3
million seed round in August
2013, with participation from AltaIR Capital, IMI.VC, and
Kernel Capital.
More information is available at
http://drivewaysoftware.com
About Driveway Software
Based in the Silicon Valley,
Driveway Software, Inc., provides smartphone-based telematics
solutions. The company delivers a turnkey, end-to-end, platform
that leverages mobile and cloud technologies, developed with both
the enterprise and the consumer in mind. The Driveway team brings
together some of the best and brightest minds in the industry. Its
technology is now six years in its development lifecycle, designed
by a top tier team with solid experience in usage based insurance,
telematics and engaging consumer interfaces. For more information,
visit http://DrivewaySoftware.com, email pr@drvway.com or call +1
(415)-640-5144.
CONTACT
Ed Zitron
EZPR
Email
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SOURCE Driveway Software, Inc.