US-based automotive data technology provider Zendrive secured $37m yesterday in a series B round led by XL Innovate, the venture capital arm of insurance firm XL Catlin.
The round included Hearst Ventures and BMW iVentures, respective subsidiaries of media group Hearst and carmaker BMW, as well as investment adviser Acme Capital, VC and advisory firm Nyca Partners, VC firm SignalFire and undisclosed additional investors.
Founded in 2013, Zendrive produces software that use mobile sensors, predictive algorithms and data analytics to glean insights into the behaviour of motorists in order to coach them on their driving.
The company’s products include DriveReveal, which flags up bad driving habits and other risks, and DriveDetect, which automatically switches on relevant in-car safety features during journeys.
In addition to assisting car owners, Zendrive’s data can also be used by insurance providers to determine premiums based on a customer’s driving safety profile. It has just announced a new product, FullStop, which alerts insurers when a customer ignores stop signs.
The company received $13.5m in a 2016 series A round led by VC firm Sherpa Capital and backed by BMW iVentures, Nyca Partners, Thomvest Ventures, First Round, Fontinalis Partners and Tad Montross, with BMW iVentures and Fontanalis cited as existing investors.
The series A added to $1.5m in seed funding supplied in 2013 by First Round and additional investors including Max Levchin, Jerry Yang and Tim Ferriss.