US-based telematics technology provider Cambridge Mobile Telematics (CMT) secured $500m yesterday in an investment by Vision Fund, the $98.6bn fund managed by telecommunications and internet group SoftBank.
CMT has built a telematics system that utilises mobile sensing, artificial intelligence and behavioural analytics technology to measure driving performance in order to help improve driving standards and monitor safety.
The Drivewell mobile telematics platform created by the company includes dashcam video analytics, incentives and advice that can help drivers improve, and can potentially reduce accidents caused by hard-braking, speeding or phone distraction.
The platform’s users include several large insurance companies, and it is also capable of automating parts of the claims process. CMT will use the funding to expand its automated crash and claims management services and bolster its video analytics technology.
The company was created out of MIT’s Computer Science and Artificial Intelligence Lab in 2010. Its founders include chairman and CTO Hari Balakrishnan, director of Wireless@MIT, and chief scientist Sam Madden, a professor of computer science at the university.
CMT received $2.5m from an unnamed investor in 2014 as part of a funding round expected to close at up to $17.5m, according to a regulatory filing.
Akshay Naheta, partner at SoftBank Investment Advisers, which manages Vision Fund, said: “CMT is breaking new ground in the application of telematics, machine learning, and behavioural analytics to solve challenging problems in insurance and safety.
“CMT is uniquely positioned to help insurers develop the insights to better support customers and advance their operations, while promoting long-term improvements in driving standards around the world.”
Hari Balakrishnan added: “Our rapid growth has been fueled by a culture that values collaboration with our customers and invests in research to improve our solutions and develop new products. This partnership with the Vision Fund is the start of the next stage of our journey to bring safe mobility solutions for people and goods at massive scale.”