Cambridge Mobile Telematics has secured a $500 million investment from the SoftBank Vision Fund.
This investment will accelerate the adoption of company’s DriveWell platform used by insurers, fleets, wireless carriers, and other entities to measure driving risk and improve driver safety.
It will also fuel CMT’s growth in automated crash and claims management, video analytics, and safety for emerging vehicle and mobility systems. The investment is subject to regulatory approval.
CMT draws on numerous innovations in mobile sensing, artificial intelligence (AI), and behavioral science. The company works with customers in more than 20 countries measuring driving performance for insurance pricing, providing incentives to improve driving quality, and lowering operating costs by reducing crash rates and automating some claims processing functions.
CMT’s partners include leading insurers such as State Farm, Liberty Mutual, Desjardins, Discovery, Admiral, MS&AD Group, QBE, AIG, and Insurance Australia Group, yielding a global customer base of several million users.
CMT’s DriveWell Tag, invented in 2014, was the first fully wireless “Internet of Things” (IoT) device to measure vehicle dynamics for actuarial scoring and for real-time impact alerts with roadside assistance; in 2018, CMT shipped its 6 millionth Tag.
Since 2016, CMT has introduced new services for crash reconstruction and loss notification with telematics data, dashcam video analytics for risk scoring, fleet features for commercial insurance, and risk scoring models. These models enable insurers to price risk using telematics data and have been approved by several regulators.
Source: Press Release