Armed with fresh fund infusion, Zendrive has taken to expansion with an eye on new geographies, while also localising its technology solutions that seek to make driving safe.
A company co-founded by Pankaj Risbood, and Jonathan Matus, Founder-CEO — in San Francisco about six years ago — Zendrive has grown steadily over the years along with its R&D centre in Bengaluru.
Identifying the problem that about 1.3 million people globally and about 2,00,000 people in India lose life every year on roads due to rash driving and negligence, the company uses its platform and data analytics to help make driving safer, Risbood said.
Recently, Zendrive raised $37 million in Series B funding led by XL Innovate with participation by Hearst Ventures and existing investors including ACME Capital, BMW iVentures, NYCA among others and is now looking at an accelerated pace of growth working with governments, insurance firms and others to make roads safer.
“Drawing upon our experience at Google, Facebook and Walmart Labs, we had the experience to build products. The product we developed makes life safer on roads and the solution we offer is attractive for the trillion dollar auto insurance sector,” he said.
The app that sits on the driver’s mobile phone tracks the pattern of driving, helps understand how he/she drives.
Risbood said, “It is impossible to find anyone driving a car and not having a mobile phone. Smartphones are amazing devices which have the capability to compute. With 24×7 network connectivity and various facilities such as GPS to accelerometers, gyroscopes we can understand how one is driving a car. We work with companies and insurance firms and help address their problems.”
The company’s customer base spans across North America, Europe, Latin America and Asia. Over the years, Zendrive raised about $60 million and BMW is one of its investors.
Zendrive had recently launched FullStop a mobile powered risk solution for stop violations designed for the use of the InsureTech industry.
Source: The Hindu