Driver Technologies raises $6 million
Driver Technologies, which offers an app that turns smartphones into dash cams, announced the closing of a $6 million funding round led by IA Capital and CT Innovations, with participation from 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. The startup has now raised more than $16 million.
The latest round of investment will “help fuel the continued adoption” of Driver, the company’s 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.
Users have the option to select from several packages, including a free, basic plan. The premium plans include additional safety features such as alerts for forward collision warning. Headway monitoring is another safety feature that’s planned for the future. There is also an enterprise offering.
“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. 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.” – Rashid Galadanci, CEO and co-founder of Driver Technologies.
“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.” – Matt Perlman, partner at IA Capital Group.