Driveway Software, a San Francisco-based provider of mobile telematics solutions for the usage-based insurance market, secured a Series A funding of undisclosed amount.
The round was led by IMI VC and Altair VC, with participation from Kernel Capital and Peter Wolken.
The company intends to use the funds to expand adoption of its solution.
Founded in 2010 and led by Jake Diner, CEO, and Igor Katsman, CTO, Driveway provides insurance carriers looking to enter the usage-based insurance market with a SmartUBI Platform (which includes a smartphone app to monitor driving behavior and capture data, as well as cloud-based analytics capabilities) to better determine individual driver risk scores and make informed risk and premium decisions.
The SmartUBI solutions can also be white labeled.