Driveway Software Raises $10 Million in Series A Funding

Big data and mobile telematics company Driveway Software, Inc. has closed a $10 million funding round led by Ervington Investments, representing prominent Russian businessman Roman Abramovich.

Driveway is a smartphone-deployed telematics platform designed to reward safe driving. The iOS and Android app, paired with cloud analytics, automatically and objectively scores driver behavior.

For insurance companies, the platform yields increased profits by attracting safer drivers who are segmented and priced more efficiently based on individually measured risk profiles.

[ Also Read: State Farm Releases Driver Feedback Mobile App ]

For consumers, the platform offers transparent, personalized pricing and actionable suggestions, helping over 80% of them to earn rewards for being safer drivers, says the company.

Driveway previously completed a $1.3 million seed round in August 2013, with participation from AltaIR Capital, IMI.VC, and Kernel Capital.

Based in the Silicon Valley, Driveway Software, Inc., provides smartphone-based telematics solutions. The company delivers a turnkey, end-to-end, platform that leverages mobile and cloud technologies, developed with both the enterprise and the consumer in mind.