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§ Private Profile · 1730 S Amphlett Blvd Suite 205 San Mateo, CA 94402 United States
Telematics solutions for auto insurance carriers, providing smartphone-based UBI data to improve pricing and reduce loss ratios.
Driveway Software has raised $10.0M across 1 funding round.
Key people at Driveway Software.
Driveway Software has raised $10.0M in total across 1 funding round.
Founded in 2010 by Igor Katsman and Jake Diner, Driveway Software is a California technology company providing smartphone telematics solutions for the usage based insurance industry. The enterprise developed a platform without hardware featuring automatic trip detection to help insurance carriers improve pricing models, ultimately collecting over 500 million miles of driving data from over 200,000 downloaded applications. Operating a software business model for insurers, the firm established strategic partnerships with prominent organizations such as Deloitte, AmWins, and Pinnacle Actuarial Resources to attract new policyholders. The business raised over eleven million dollars in total funding, which included a ten million dollar Series A round backed by Ervington Investments, AltaIR Capital, and Kernel Capital. Following its steady growth in the competitive telematics sector and successfully reducing loss ratios for clients, the company was acquired by Earnix in July 2021.
Driveway Software was a portfolio company specializing in smartphone-deployed, cloud-based telematics technology for usage-based insurance (UBI) in the auto insurance sector[1][2][3]. It provided auto insurers with comprehensive driving data from insured drivers to enable better pricing intelligence, lower loss ratios, attract new policyholders, retain drivers, and grow market share through a scalable mobile UBI platform[1][2]. The company served auto insurers by solving the problem of inaccurate traditional pricing models with real-time, smartphone-sourced telematics data, achieving early traction with over 170,000 drivers using its branded app and generating around $5.8 million in revenue before its acquisition[2].
Founded in 2011 and headquartered in Aliso Viejo, California (with some references to Silicon Valley operations), Driveway raised $11.62 million in total funding and was acquired by Earnix in July 2021, integrating its AI-powered telematics assets and team into the acquirer's operations[1].
Driveway Software was founded in 2011 in Aliso Viejo, California, by a top-tier product team with deep expertise in UBI, telematics, and consumer-focused user interfaces (UX), after six years of technology development by launch[1][3]. The idea emerged from recognizing consumer willingness to share driving habits via smartphones in exchange for premium discounts, addressing insurers' need for cost-effective, scalable telematics solutions amid rising demand for data-driven UBI[3]. Early traction came through partnerships like Pinnacle Actuarial Resources for customizable tech and consulting, building a user base of over 170,000 drivers and establishing a robust domain-rich team, culminating in its 2021 acquisition by Earnix[1][2].
Driveway rode the wave of telematics and UBI trends in auto insurance, fueled by smartphone proliferation and consumer acceptance of data-sharing for discounts, enabling precise risk assessment amid rising premiums and competition[1][2][3]. Timing was ideal post-2011, as mobile sensors advanced and insurers sought data alternatives to black-box devices, aligning with market forces like inorganic growth strategies (e.g., Earnix's acquisition spree)[1]. It influenced the ecosystem by proving smartphone UBI's viability, paving the way for AI-enhanced platforms that boost insurer market share and driver retention, now amplified through Earnix's expanded operations[1][2].
Post-2021 acquisition, Driveway's technology and team continue evolving within Earnix, likely advancing AI-telematics integrations for global UBI expansion amid surging demand for personalized insurance[1]. Trends like 5G-enabled real-time data, regulatory pushes for fair pricing, and EV adoption will shape its legacy, potentially amplifying influence through hybrid models blending telematics with behavioral AI. As UBI matures, Driveway's foundational innovations position it—via Earnix—to drive industry-wide shifts toward profitable, driver-centric insurance ecosystems[1][2].
Driveway Software has raised $10.0M across 1 funding round. Most recently, it raised $10.0M Driveway - Other Equity in August 2015.
| Date | Round | Lead Investors | Other Investors | Status |
|---|---|---|---|---|
| Aug 2, 2015 | $10M Venture Round | Ervington Investments | — | Announced |
Key people at Driveway Software.
Driveway Software has raised $10.0M in total across 1 funding round.
Driveway Software's investors include Ervington Investments.
