New Delhi: Road safety solution provider Zendrive has raised a Series B funding of $37 million, from key investors like XL Innovate, Hearst Ventures alongside existing investors – ACME Capital, BMW iVentures, NYCA, SignalFire, and others.
Zendrive claims that with this funding, the company will continue to build its mobile driving safety solution and grow its team across five continents to deepen the focus on the global insurance market.
Jonathan Matus, CEO & Co-founder, Zendrive, said, “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 behaviour using technology and incentives.”
Alongside announcing the funding, Zendrive has also launched the FullStop, its first-ever AI-powered predictive risk solution for stop sign compliance.
According to the company, 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.
Pankaj Risbood, Zendrive’s Technical Co-Founder, said, “Our world-class team of data scientists and engineers are building technology that reduces collisions, improves road risks and ultimately saves lives. It’s of utmost importance that we invest in our teams as they tackle important technical challenges that also have a direct social impact.”