Zendrive, a San Francisco, CA-based data and analytics platform to make roads safer, raised $37m in Series B funding.
The round was led by XL Innovate with participation from Hearst Ventures and existing investors ACME Capital, BMW iVentures, NYCA, SignalFire, and others. Tom Hutton, who led the round at XL Innovate, has joined the Zendrive Board.
The company intends to use the funds to 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.
Led by CEO & Co-founder Jonathan Matus, Zendrive uses AI and machine learning to improve driver safety and allow insurers to accelerate their digital transformation. Its patented algorithms and insights help reduce collision risk adding millions in revenue to partners including Juno, Grupo Sura, and AXA XL.
In addition to the financing, Zendrive is announcing the launch of FullStop, a mobile-powered risk solution for stop sign violations designed for the InsureTech industry. Leveraging high resolution made possible by the company’s broad data coverage, FullStop offers predictive capabilities 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. The solution is available for select partners using Zendrive’s RiskReveal, the suite of smartphone-based solutions for insurers, which leverages AI to underwriting, loss control, and claims processing.