According to a statement, investment firms TPG and Allianz X led the funding, with participation from insurance provider State Farm, which uses telematics to help reduce accidents for its clients. Allianz X is part of a larger financial services and insurance operation.
The investment comes with “long-term commercial agreements with various Allianz Group operating entities,” the statement adds, deals that could help CMT expand in Europe, an effort that involves automotive original equipment manufacturers (OEMs) and others.
The new capital also will go toward scaling the company’s “global road safety platform,” building more AI and other tasks.
In the U.S., the Massachusetts-based company has worked with such public agencies as the cities of Boston and Los Angeles, which have used the company’s tech for their own safe driving programs.
One of the company’s products, Safest Driver, uses artificial intelligence, behavioral economics and mobile engagement to help public officials improve road safety by spotlighting such behaviors as speeding, hard breaking and acceleration, and distracted driving, offering “scores” that can determine if a driver is operating safely.
The company works not only with governments but other major players in road transportation. That includes insurance firms, automakers and commercial mobility companies. CMT claims its technology has prevented more than 100,000 crashes globally.
“We are working closely with OEMs and automotive partners globally to drive forward the future of mobility,” said Tomas Kunzmann, CEO of Allianz Partners, in the statement. “CMT’s technology enables us to provide even more tailored and data-driven insurance and assistance services to our partners and customers, ensuring peace of mind along the whole customer journey.”
The investment comes at a reasonably busy time for transit and transportation in the government technology industry.
For instance, transit technology supplier Via Transportation recently reported solid growth after going public. And last month, smart streetlight tech vendor Ubicquia said it had raised $106 million in its own funding round.
