Zendrive raises $37mn Series B funding

With this funding, Zendrive will continue to build out its mobile driving safety solution and grow its team across five continents to deepen its focus on the global insurance market.

Aug 22, 2019 10:08 IST India Infoline News Service

Zendrive, a mission-driven company making roads safer with data and analytics, announced it has raised $37mn in Series B funding, led by XL Innovate with participation by Hearst Ventures and existing investors, including ACME Capital, BMW iVentures, NYCA, SignalFire, and others. With this funding, Zendrive will continue to build out its mobile driving safety solution and grow its team across five continents to deepen its focus on the global insurance market.
 
“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 Zendrive CEO & Co-founder, Jonathan Matus.
 
Zendrive has offices in San Francisco and Bangalore. The research and development centre headquartered in Bangalore since 2014 includes data science, engineering, and product teams, all developing solutions to the most complex problems around road safety.
 
“Our world-class team of data scientists and engineers are building technology that reduces collisions, improves road risks and ultimately saves lives,” said Pankaj Risbood, Zendrive’s Technical Co-Founder. “It’s of utmost importance that we invest in our teams as they tackle important technical challenges that also have a direct social impact.”
 
Parallel to the financing, Zendrive is 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.
 
“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,” says Tom Hutton, who led the round at XL Innovate, serves as Chairman of the Board of Directors at SoFi, and has many years of operating experience in the insurance industry, including serving as CEO of Risk Management Solutions.
 
Zendrive has amassed the world’s largest driving data set, analyzing over 180 billion miles to date. Powered by this extensive and unmatched data, the company’s AI-enabled solution is capable of generating risk models that are 6 times more predictive than existing industry standards. Zendrive has already uncovered a dangerous distracted driving epidemic that’s 100 times worse than what regulators see. Using insights like these, global auto insurers using Zendrive are operating at industry-leading loss ratios.
 
“FullStop technology developed in Zendrive’s Bangalore R&D centre is available for select partners using Zendrive’s RiskReveal, the award-winning suite of smartphone-based solutions for insurers, which brings the power of AI to underwriting, loss control, and claims processing,” Risbood said.
 
Zendrive will continue to grow its portfolio of solutions to build the most comprehensive driving safety platform and make the world’s roads safer.

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