CMT raises US$350m from TPG, Allianz and State Farm

Cambridge Mobile Telematics (CMT) has secured a US$350m strategic investment led by TPG and Allianz X, with participation from State Farm, to accelerate the expansion of its AI-driven telematics and road safety platform. The funding will be directed towards scaling CMT’s global road safety platform, advancing AI models for real-time driving risk assessment and crash detection, and growing adoption of its Universal Driving Score product.

The investment is accompanied by long-term commercial agreements with Allianz Group entities including Allianz Partners and Allianz Versicherungs-AG, covering data-driven insurance and service offerings across Europe for retail customers, automotive OEMs, and mobility partners. TPG is investing through its Rise Fund impact investing vehicle, while State Farm, which operates one of the most widely used telematics programmes in the US, views the platform as an extension of its AI and data strategy. CMT says its platform has prevented over 100,000 crashes and currently serves 55 million drivers across 25 countries through 140 programmes worldwide.

“CMT’s platform moves us closer to a world where crash prevention is possible for every driver,” said Sara Frankowiak, Vice President and Actuary at State Farm. “Safer drivers mean better outcomes for everyone and lower cost of coverage for our customers.”

William V. Powers, Co-Founder and Chief Executive of CMT, added: “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.”

Source: Cambridge Mobile Telematics