Instead, Driver Technologies’ core tech is in an app and is designed to be downloaded on a smartphone. The machine is then mounted within the automobile. Users can decide in to share the info with insurers or, if a fleet driver, with employers. Insurers additionally pitch the know-how to drivers in return for reductions or different advantages.
The New York-based know-how firm launched in 2018, with 30 full-time staff and between 10 and 15 part-time contractors now on workers fueling additional development. Venture traders have an interest, too. The firm has raised a $10 million Series A funding led by IA Capital, with participation from Liberty Mutual Strategic Ventures, State AutoLabs/Rev 1, The Social Entrepreneurs’ Fund, C2Ventures and Kapur Capital.
That funding helped, partly, to gasoline Driver Technologies’ latest launch of DriverPremium, a deluxe model of its Driver app that turns a driver’s telephone into a splash cam and cellular driving help system. It offers real-time security alerts in areas together with ahead collision, driver drowsiness and distraction warnings, in addition to teaching to assist promote good driving habits. The premium model, obtainable on each the Apple and Android app shops, begins at $4.99 per 30 days for shoppers, the corporate mentioned.
Galadanci confirmed that Driver Technologies is “talking to a number of strategic investors” when it comes to new financing however mentioned there is no such thing as a set deadline.
About a 3rd of Driver Technologies’ enterprise is from shoppers, a 3rd industrial drivers and a 3rd from the sharing financial system. Of that complete, 25% are dropped at the corporate instantly by insurers, Galadanci mentioned.
Two-part know-how
Galadanci refers to Driver Technologies as an “AI-driven mobility and safety company,” with two elements. One is the cellular app that turns a private machine right into a dashcam and offers security alerts and numerous telematics information. On the again finish, it has the “driver cloud,” the place shoppers can share incidents they seize with their app, or fleet managers can view and share incidents they observe of their fleets.
Both events can select to share the info with insurance coverage firms, which both faucet into the telematics for underwriting or the video part for claims.
The core know-how is “contextual telematics,” Galadanci defined.
“We get traditional telematics as well as much more high-definition accelerometer and gyroscope type data at 30 hertz,” he mentioned, “instead of the one-hertz location data of traditional telematics.”
Driver Technologies’ video and pc imaginative and prescient capabilities lets the corporate take a look at added issues similar to drivers blowing cease indicators or cease lights, drowsy and distracted driving, tailgating and extra.
“We can coach drivers in real time. It doesn’t necessarily have to go up to the fleet manager or insurance,” Galadanci mentioned. “You can have a greater driver with out passing on that data, but it surely’s additionally very easy to point out you’re a good driver … “
After they obtain the app, customers mount their telephone on a splash mount. There is an out of doors dealing with digital camera that captures video outdoors the automobile, however there may be additionally an inside digital camera if a rideshare driver, for instance, desires to seize within the automobile. Driver Technologies additionally tracks location and accelerometer information to assist customers present police, a boss or an insurance coverage firm that they have been driving correctly in an accident, for instance.
Cutting-edge pc imaginative and prescient and movement information helps Driver Technologies monitor pedestrians, bikes, buses, vans, completely different animals and extra. The app can even monitor driver head place for drowsiness and distraction after which concern an alert. Motion information helps predict the chance that sure behaviors may trigger an accident, Galadanci mentioned.
Zero technical integration
Insurers or brokers that need to combine with Driver Technologies contact the corporate to make use of the app as a instrument for his or her purchasers. They would possibly use it to supply a reduction on driver insurance coverage premium, or to have the ability to see video for claims functions, Galadanci mentioned.
According to Galadanci, the corporate can arrange this system in a single day.
“The most exciting thing for an agent or an insurance company working with us is there actually is zero technical integration,” Galadanci mentioned. “We can sign you up today with a fleet, or with a consumer end user. We create a landing page for them where they automatically connect to your organization and can start getting promised benefits for signing up.”
Driver Technologies can be doing bigger integrations with firms similar to Verisk, which requires connection via a URL to the corporate’s driver cloud.
“It’s the internal logistics of getting through a deal with them [that can take longer], but the technical integration, that’s very fast,” Galadanci mentioned.
Driver Technologies’ founders developed its tech with the notice of longer integration processes with different software program. Integrations, Galadanci mentioned, ought to transfer quickly as a result of know-how is altering ever quicker.
“One of the challenges with technology is that it’s changing rapidly,” Galadanci mentioned. “By the time someone has gone into a full hardware/internal software integration [that takes longer], something better is already up.”