Zendrive, which offers data and analytics-driven road safety solutions, on Thursday said it has raised USD 37 million (about Rs 266 crore) in a funding round led by XL Innovate.
The series B round also saw participation from Hearst Ventures and existing investors, including ACME Capital, BMW iVentures, NYCA, SignalFire, and others, a statement said.
With this funding, Zendrive will continue to build out its mobile driving safety solution and grow its team across five continents to deepen its focus on the global insurance market, it added.
“Zendrive was founded to make roads safe with data and analytics. As we enter this next phase of the business, we are excited to continue to push the innovation curve forward and align with partners who are similarly committed to improving driving behavior using technology and incentives,” Zendrive CEO and co-founder Jonathan Matus said.
Zendrive has offices in San Francisco and Bengaluru. Its research and development centre is headquartered in Bengaluru with data science, engineering, and product teams that develop solutions around road safety.
The company has also launched FullStop, a mobile-powered risk solution for stop sign violations designed for the fintech industry.
FullStop offers predictive capabilities around speeding and aggressive acceleration. It provides insights such as drivers who violate at least one stop sign per month are up to 5.8 times more likely to crash and have higher rates of T-bone and head-on collisions. PTI SR