Cambridge Mobile Telematics (CMT), a Cambridge, MA-based mobile telematics and analytics provider, raised $500m in funding.
The SoftBank Vision Fund made the investment.
The company intends to use the funds to accelerate the adoption of its DriveWell platform and grow in automated crash and claims management, video analytics, and safety for emerging vehicle and mobility systems.
Led by Hari Balakrishnan (Chairman and CTO), Bill Powers (CEO) and Sam Madden (Chief Scientist), Cambridge Mobile Telematics provides DriveWell, a platform used by insurers, fleets, wireless carriers, and other entities to measure driving risk and improve driver safety. The investment is subject to regulatory approval.
Today, the company works with customers in more than 20 countries, measuring driving performance for insurance pricing, providing incentives to improve driving quality, and lowering operating costs by reducing crash rates and automating some claims processing functions.
Partners include insurers such as State Farm, Liberty Mutual, Desjardins, Discovery, Admiral, MS&AD Group, QBE, AIG, and Insurance Australia Group.