Zendrive Raises $37M
Zendrive, “a mission-driven company making roads safer with data and analytics,” announced it has raised $37m in a Series B round led by XL Innovate with participation by Hearst Ventures and existing investors, including ACME Capital, BMW iVentures, NYCA, SignalFire, and others.
Zendrive is also 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. FullStop is available for select partners using Zendrive’s RiskReveal, the suite of smartphone-based solutions for insurers.
“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.” – Tom Hutton, XL Innovate.
“The increasing adoption of data and analytics is a trend that is shaping the future of insurance. The Zendrive team is focused on delivering value to insurance companies, platform providers and ultimately consumers. Large global auto insurers using Zendrive to power digital transformation report to the company improvements in loss ratios, which could lead to better pricing and safer roads for everyone. I am excited to be part of this revolution in the industry.” – Sandy Weill, who joined both the investment round and Zendrive’s Board of Advisors.
“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.” – Zendrive’s CEO and cofounder Jonathan Matus.
