Instead, Driver Technologies’ technology is in an app and is designed to be downloaded onto a mobile phone. The device is installed in the car. Users can choose to share information with insurers or, in the case of shippers, with employers. Insurers also send technology to drivers to receive discounts or other benefits.
The New York-based technology company was founded in 2018, with 30 full-time employees and between 10 and 15 part-time employees who are growing. Marketers are interested, too. The company has raised $10 million in 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.
The funding helped, among other things, fuel Driver Technologies’ recent launch of DriverPremium, a deluxe version of its Driver software that turns a driver’s phone into a dash cam and driver assistance system. It provides real-time safety information in places including forward collision, driver drowsiness and distraction warnings, as well as training to help promote safe driving. The premium version, available in both the Apple and Android stores, starts at $4.99 per month for consumers, the company said.
Galadanci confirmed that Driver Technologies is “talking to a lot of investors” about the new investment but said there is no deadline.
About one-third of Driver Technologies’ business comes from consumers, third-party drivers and one-third from shared assets. Of those, 25% are brought to the company directly by insurance, said Galadanci.
Galadanci refers to Driver Technologies as “AI driven safety and security management,” with two components. One is a mobile app that turns your device into a dashcam and provides safety alerts and various telematics data. On the back, it has a “pilot cloud,” where consumers can share what they’ve captured with their app, or fleet managers can view and share what they see in their teams.
Both groups can choose to share information with insurance companies, who can access telematics for registration or a video segment for reporting.
The core technology is “standard telematics,” Galadanci said.
“We get traditional telematics and more familiar accelerometer and gyroscope data at 30 hertz,” he said, “instead of one-dimensional data.”
Driver Technologies video and computer vision allows the company to monitor additional factors such as drivers running stop signs or stop lights, falling asleep while driving, reversing and more.
“We can train drivers in real time. It doesn’t have to go up to the fleet manager or insurance, “said Galadanci. “You can have a better driver without paying too much, and it’s easy to show that you’re a good driver…”.
After downloading the app, users place their phone on the ground. There is an external camera that records video from the outside of the car, but there is also an internal camera if the rideshare driver, for example, wants to record in the car. Driver Technologies also tracks location and accelerometer data to help users show the police, employer or insurance company that they are driving safely in an accident, for example.
Advanced computing and navigation technology enables Driver Technologies to track pedestrians, motorcycles, buses, vehicles, animals and more. The app can also monitor the driver’s condition due to drowsiness and distraction and then issue a warning. Traffic data can help predict when certain behaviors are likely to cause accidents, Galadanci said.
Zero skill plus
Insurers or brokers who want to integrate with Driver Technologies contact the company to use the app as a tool for their clients. They can use it to offer discounts on motorist insurance premiums, or to be able to watch a video for purposes, Galadanci said.
According to Galadanci, the company can install the program overnight.
“The most interesting thing for an agent or an insurance company working with us is that there is a mix of technologies,” said Galadanci. “We can sign you up today with fleets, or with consumer users. We create a landing page for them where they connect with your team and they can start receiving promises by signing up.”
Driver Technologies is also working on major integrations with companies such as Verisk, which require a connection via URL to the company’s driver cloud.
“It’s an internal process to deal with them [that can take longer]but the combination of technology, it’s very fast,” said Galadanci.
The founders of Driver Technologies developed its technology by identifying ways to interact with other software. In addition, Galadanci said, it needs to move quickly because technology is changing so quickly.
“One of the challenges with technology is that it changes so quickly,” Galadanci said. “By the time someone gets into all the hardware/software internals [that takes longer]there is something better.”