Insurtech firm Roadzen backs drivebuddyAI
New Delhi headquartered automotive technology company drivebuddyAI has raised an undisclosed amount from strategic investor and insurance technology company Roadzen.
The fresh capital will help drivebuddyAI develop products and expand the deployment of its hardware product globally, a statement said.
Founded in 2018 by Nisarg Pandya, drivebuddyAI uses artificial intelligence (AI) and computer vision technology to provide driving assistance and telematics. Pandya was joined by Haresh Khadsalia, Madan Bhintade and Kumar Ranjan in the subsequent years to make up the rest of the founding team.
The drivebuddyAI platform monitors the road and driver behaviour through its EdgeAI technology using input from cameras installed in the vehicle. The product is also utilised by fleet managers in the logistics space to gain insights on driver behaviour and asset safety during the journey.
Roadzen, which works with insurance carriers as well as the automotive sector and shared economy players, will utilise the product to power its core business of using technology for risk management and claim resolution for its partners. Roadzen will provide funding, business collaborations and opportunity exploration for drivebuddyAI’s product and help market it across India, Europe, US and China.
“We’re excited about our investment and the opportunity for drivebuddyAI. The world is heading towards a data driven, decision-making process and drivebuddyAI with its AI technology, is positioned to target the future of autonomy, claims processing and risk assessment for global markets,” Rohan Malhotra, CEO of Roadzen, said in the statement.
The company will also utilise the fresh funds for team expansion across AI and ML segments, embedded software/hardware and cloud computing domains. It will also build a retrofit AI hardware that can fit into any vehicle, and work globally with Roadzen’s global partners.
In 2019, Saama Capital backed digital driving assistant platform Kruzr, which works with clients of automobile insurance companies.