Data and analytics firm Zendrive has raised $37 million in a Series B funding round led by XL Innovate, AXA XL’s venture capital insurtech fund.
The funding round also saw the involvement of Hearst Ventures and existing investors including ACME Capital, BMW iVentures, NYCA, SignalFire.
Zendrive plans on using the funds to continue building out its mobile driving safety solution and grow its team globally as it increases focus on the insurance space.
The firm, having analysed over 180 billion miles to date, offers an AI-enabled solution capable of generating risk models that it says are six times more predictive than existing industry standards.
Zendrive claims to have uncovered a dangerous “distracted driving epidemic” that is 100 times worse than what regulators are currently aware of.
“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,” said the company’s Chief Executive Officer & Co-founder, Jonathan Matus.
Zendrive has also announced the launch of FullStop, a solution designed to offer predictive capabilities for things like speeding and aggressive acceleration.
“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,” said Tom Hutton, who led the round at XL Innovate and serves on the Zendrive Board.