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Russian IMI.VC and Altair.VC invested in Startup from San-Francisco

Venture Funds IMI.VC and Altair.VC invested in American project Driveway Software, which offers insurance companies cost-efficient and convenient in use mobile solutions for insurance telematics (according the scheme “pay as you drive”). In the round there also have taken part the Fund Kernel Capital and Venture investor from the Silicon Valley Peter Wolken. The amount of investments is not disclosed.

“According to some investigations, the amount of users of insurance telematics can reach 89 millions by 2017, and this provides good perspectives for Driveway Software and its platform SmartUBI”, - says Igor Ryabenky, managing partner of Altair VC.

Recently insurance telematics or smart insurance becomes more popular, and step by step enters the mass market. Solutions, similar to mobile application for smartphone SmartUBI Platform of the Company Driveway Software contribute to this. The platform allows tracing behavior of a driver during driving, gathering data and analyzing information. This allows insurance companies more exactly calculating risks on each driver, and on the basis of this data take decision on decreasing insurance payments for some of them.

Such telematics system in case of careful driving will help not only significantly economy while policy of insurance forming, but also to quicker decide disputable situations on insurance occasions.

Nowadays the application for smartphones of the company Driveway calculates more than 150 thousand users, which means more than 500 millions of driving miles. 

2013-09-12, Venture Business News.

Keywords: mobile, investment, startups, insurance, IMI.VC, Altair Capital

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