Zendrive, a company that uses data analytics to make roads safer, has raised $37 million in Series B funding, led by XL Innovate, with participation from 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,” Zendrive CEO and co-founder Jonathan Matus said in a statement.
Zendrive has offices in San Francisco and Bangalore. The research and development center 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 in a statement. “It’s of utmost importance that we invest in our teams as they tackle important technical challenges that also have a direct social impact.”
{{/usCountry}}“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 in a statement. “It’s of utmost importance that we invest in our teams as they tackle important technical challenges that also have a direct social impact.”
{{/usCountry}}Parallel to the financing, Zendrive is announcing the launch of FullStop, a mobile-powered risk solution that helps track road violations designed for automobile insurance companies. Zendrive currently claims to have analyzed over 180 billion miles to date.
Zendrive’s FullStop offers advanced predictive capabilities that cannot be achieved with traditional telematics data such as speeding and aggressive acceleration, showing that drivers who violate at least one-stop sign per month is 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,” added Tom Hutton, who led the round at XL Innovate.