Cambridge Mobile Telematics (CMT), a US-based developer of AI-driven telematics and road safety solutions, has raised $350m in strategic funding.
The round was led by TPG, investing via The Rise Funds, and Allianz X, Allianz’s strategic investment arm. State Farm also participated.
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CMT said it will use the proceeds to scale its global road safety platform.
The company also plans to advance its DriveWell Atlas AI models for real-time crash detection and risk assessment.
In addition, CMT aims to accelerate adoption of its Universal Driving Score.
In connection with the financing, CMT entered into long-term commercial agreements with Allianz Group entities. These are intended to expand data-driven insurance and assistance services across Europe.
The company operates a vertically integrated telematics platform that processes driving data from smartphones, IoT devices and connected vehicles.
By applying AI to driving behaviour, CMT said its platform helps insurers such as State Farm and Allianz shift from reactive claims handling to proactive accident prevention, and has “already prevented an estimated 100,000 crashes across 25 countries”.
State Farm said it views CMT’s real-time risk platform as a natural extension of its broader strategy of applying AI and data to improve outcomes for the customers and communities it serves.
William Powers, co-founder and CEO of CMT, said: “Today’s investment strengthens our work to create safer roads, stronger communities, and a better future, and we’re energized by our partnerships with TPG, Allianz, and State Farm.
“Every crash we prevent, every life we protect, and every driver we help improve brings us closer to solving one of the world’s biggest challenges. We’re applying the full power of AI to transform mobility on a global scale to help save lives, reduce costs, and support more sustainable transportation.”
