Which science field has the most promising future?

Computer science
Nanotechnology
Biotechnology
Aerospace engineering
Ecology, resource saving
Cleantech
Other

What is the mankind's most dangerous invention?

Atomic bomb
Drugs
Automobile
Money
Television
Fast food
Internet

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

12.09.2013
“Focus and go fast” – 5 painful lessons from one-year-old Berlin startup Vamos
12.09.2013
Russian IMI.VC and Altair.VC invested in Startup from San-Francisco
12.09.2013
Rocket Internet-backed Foodpanda secures $8M from iMena Holdings
11.09.2013
For Regional Real Estate Investment Success is in the Niceties
10.09.2013
Launching a hardware startup? 3 important lessons from angel investor Christophe Maire
10.09.2013
$100 million Russian fund Maxfield Capital invests in Java application hosting platform Jelastic
09.09.2013
1776 Announces Inaugural Members of Global Startup Federation
09.09.2013
New app to make kids love math
09.09.2013
Stanford University Is Going To Invest In Student Startups Like A VC Firm
06.09.2013
Why PaaS isn’t just for startups
04.09.2013
British Companies Blame Media for Lack of Investment in Russia
04.09.2013
Three myths about Russia’s startup market
04.09.2013
Russia’s Life.SREDA invests in US startup to build “world’s first cardless bank”
04.09.2013
Altair Capital invested in the project of mobile commerce Goodwin
03.09.2013
Russia’s Zuckerberg launches new instant messaging service Telegram

Leave your comment
Sign up
Enter verification codeEnter verification code

Second Moscow International Foreign Investment Forum
Most popular news
Annual Investment Meeting 2013

Welcome to Investment. Innovation. Business Web Portal – a community-driven platform for all the participants of the investment process both in Russia and abroad!

We work to provide online information exchange between Russian and global investors and innovators, business owners and developers.