Commercial automotive insurance provider Zego has acquired Portugal-based automotive telematics technology devleoper Drivit in a deal of undisclosed size, enabling energy utility EDP to exit.
Drivit installs telematics systems in vehicles to monitor the driver’s behaviour and report back to the client through its mobile app. Zego will use its technology to help verify the authenticity of customers’ insurance claims.
The company raised an undisclosed amount in 2019 from EDP’s corporate venturing unit, EDP Ventures, and the Portuguese government’s Financial Development Institution. It had reportedly secured about $600,000 from EDP Ventures and Big Start Ventures as of mid-2018.
Gonçalo Farinha, co-founder of Drivit, said: “Drivit was created to untangle the constraints of existing telematics technologies, helping car insurers to develop a new breadth of products and services that use driving behaviour and contextual data to cater to the specific needs of each driver.
“We are embarking on this journey with Zego not only because its mission perfectly aligns with the role we envisioned for Drivit in the world, but also because it is uniquely positioned to dramatically accelerate this shared vision into becoming a reality.”