Driver Announces $6 Million Strategic Funding Round

Driver Technologies, an AI-based mobility tech company that delivers a safer, smarter driving experience, today announced the closing of a $6 million strategic funding round led by New York-based investment firm, IA Capital, and CT Innovations, the venture capital arm of the State of Connecticut. Major insurers also participated in the round including, Liberty Mutual Strategic Ventures, State Auto Labs/Rev 1, as well as investors from The Social Entrepreneurs’ Fund, ID8 Investments, C2 Ventures and Kapor Capital. With the closing of this round, Driver Technologies has now raised more than $16 million.

The latest round of investment will help fuel the continued adoption of Driver®, the company’s top-rated AI-powered dash cam and safety alert app, into insurance-backed programs for commercial and personal drivers. Funding will also be used to pursue direct integrations with insurance, automotive and municipal partners working to enhance road safety.

“Our mission each day is to create a solution that helps democratize road safety for drivers as well as for everyone on our roads and streets,” said Rashid Galadanci, CEO and co-founder of Driver Technologies. “This funding will allow us to reach more drivers, reduce preventable accidents and limit distracted and drowsy driving, all while delivering privacy-focused, safe-driving savings to drivers, fleet owners and insurers. We also intend to expand our Professional Driver solution into international markets.”

“We’re incredibly proud of the progress Driver Technologies has made in gaining the product and security approval needed to be the video and telematics provider for multiple leading insurers, up-and-coming carriers, and commercial fleet platforms,” said Matt Perlman, Partner at IA Capital Group. “We are excited to help them scale to the next stage.”

Driver recently analyzed the driving patterns of 17,000 drivers using the Driver platform. Drivers were 11 times less likely to speed, four times less likely to run stop signs, three times less likely to tailgate, and three times less likely to brake hard. The results additionally demonstrated that the longer a driver uses the platform, the safer they get in their driving habits.

“Driver Technologies has made great strides in using artificial intelligence in new and innovative ways in its mission to increase driver safety and help drivers save money,” said Douglas Roth, Managing Director of Investments at Connecticut Innovations (CI), “With its impressive and robust product roadmap, the company continues to engage a variety of industry players including insurance carriers, commercial and municipal fleets, built-in OEM integrations, and autonomous vehicle manufacturers. We’re excited to support Driver Technologies’ continued growth.”