Driver Technologies Inc., an AI-based mobility tech company, announced the closing of a $6 million strategic funding round led by New York-based investment firm, IA Capital, and CT Innovations, the venture capital arm of the State of Connecticut. Major insurers also participated in the round including Liberty Mutual Strategic Ventures, State Auto Labs/Rev 1, as well as investors from The Social Entrepreneurs’ Fund, ID8 Investments, C2 Ventures and Kapor Capital.

With the closing of this round, Driver Technologies has now raised more than $16 million.

“Our mission each day is to create a solution that helps democratize road safety for drivers as well as for everyone on our roads and streets,” said Rashid Galadanci, CEO and co-founder of Driver Technologies, in a company press release. “This funding will allow us to reach more drivers, reduce preventable accidents and limit distracted and drowsy driving, all while delivering privacy-focused, safe-driving savings to drivers, fleet owners and insurers. We also intend to expand our professional driver solution into international markets.”

The latest round of investment will help fuel the continued adoption of Driver, the company’s AI-powered dash cam and safety alert app, into insurance-backed programs for commercial and personal drivers. Funding will also be used to pursue direct integrations with insurance, automotive and municipal partners working to enhance road safety.

Over the last six months, Driver has launched two subscription plans – Driver Professional for enterprise fleets and Driver Family for households. The company has also launched Driver Cooler, a cooling dash cam phone mount designed to encourage hands-free phone usage in the car. Driver has recently formed multiple new partnerships, including an integration on the Geotab Fleet Management Platform. The company has also entered the OEM market with TomTom and is protecting the car rental and sharing economy industry with Getaround.

Source: Driver Technologies Inc.