Zendrive, a road safety analytics startup, has raised $37 million (approximately Rs 265.17 crore at current exchange rates) in its Series B funding round led by US-based venture capital firm XL Innovate.
Existing investors BMW iVentures, NYCA Partners, ACME Capital and SignalFire also participated in the funding round, the company said in a statement. Other investor that contributed to the round include Hearst Ventures, according to several media reports.
The company will use the funds to build its mobile safety driving solution and enhance its global team with focus on insurance market, Mint reported.
The fresh infusion of capital comes after the Zendrive raised $13.5 million (around Rs 91 crore) in Series A funding in 2016 led by Shervin Pishevar of Sherpa Capital, Nyca Partners and Thomvest Ventures.
VCCircle has reached out to Zendrive on the details of the investment and will update the story accordingly.
Jonathan Matus, co-founder and chief executive officer at Zendrive, said the firm was founded with the aim of making roadways safer by using data and analytics.
The Bangalore- and San Francisco-based firm, which is operated by Zendrive Inc., was founded by Jonathan Matus and Pankaj Risbood in 2013. Matus was a former Facebook executive while Risbood was a former employee of Google. The startup raised $1.5 million from a group of backers including First Round Capital in 2013.
The company offers solutions for clients that help them adapt to any situation. It tracks actions such as acceleration, braking, swerving and phone use and gives users a 'driver score'. Its technology can be used by a broad list of industries and products including on-demand services, commercial fleets, taxi aggregators, insurance, city planning, mapping, driving instruction, and roadside assistance companies.