Telematics system developer and MIT spinout Cambridge Mobile Telematics has raised $500m from Vision Fund that will be used for product development.
Cambridge Mobile Telematics (CMT), a US-based telematics technology provider spun out of Massachusetts Institute of Technology, secured $500m yesterday in an investment by Vision Fund, the $98.6bn fund managed by telecommunications and internet group SoftBank.
CMT has built a telematics system that utilises mobile sensing, artificial intelligence and behavioural analytics technology to measure driving performance in order to help improve driving standards and monitor safety.
The Drivewell mobile telematics platform created by the company includes dashcam video analytics, incentives and advice that can help drivers improve, and can potentially reduce accidents caused by hard-braking, speeding or phone distraction.
The platform’s users include several large insurance companies, and it is also capable of automating parts of the claims process. CMT will use the funding to expand its automated crash and claims management services and bolster its video analytics technology.
The company was created out of MIT’s Computer Science…
