Dec. 19, 2018—SoftBank Vision Fund has invested $500 million into Cambridge Mobile Telematics (CMT).
The investment will speed the adoption of CMT's DriveWell platform used by insurers, fleets, wireless carriers and other entities to measure driving risk and improve driver safety. It will go toward CMT's growth in automated crash and claims management, video analytics and safety for emerging vehicle and mobility systems.
]CMT works with customers in more than 20 countries, measuring driving performance for insurance pricing, providing incentives to improve driving quality, and lowering operating costs by reducing crash rates and automating some claims processing functions. CMT’s partners include insurers such as State Farm, Liberty Mutual, Discovery, Admiral, AIG, and Insurance Australia Group, yielding a global customer base of several million users.
CMT’s DriveWell Tag, invented in 2014, was the first fully wireless “Internet of Things” (IoT) device to measure vehicle dynamics for actuarial scoring and for real-time impact alerts with roadside assistance; in 2018, CMT shipped its 6 millionth Tag. Since 2016, CMT has introduced new services for crash reconstruction and loss notification with telematics data, dash cam video analytics for risk scoring, fleet features for commercial insurance, and best-in-class risk scoring model.
