Aviva Ventures has led an investment round into auto technology developer Savari to develop autonomous vehicle insurance products.
Savari has raised $12m in its Series B round, with participation also coming from SAIC Capital, Flex, and an undisclosed strategic investor.
California-headquartered Savari implements its V2X solution to enable communication between other vehicles, traffic lights, and pedestrians with mobile devices in order to enhance safety features for transportation such as autonomous and semi-autonomous driving vehicles.
The company captures and analyses vehicle performance data in real-time to give accurate pictures of driving conditions for ADAS (advanced driver-assistance systems). This information helps to prevent accidents from self-driving cars.
Aviva is looking to develop autonomous vehicle insurance by integrating Savari’s V2X analytics with its advanced data platform.
With this burst of capital, the company hopes to grow its global presence as well as add more software solutions to its platform.
Aviva Ventures managing director Fernand Lendoye said, “The rapid development of connected and autonomous vehicles will have a fundamental impact on the insurance industry. Although in its early stage, we see tremendous opportunity which aligns well with the momentum –we’re seeing with smart cities and smart mobility solutions.
“Our partnership with Savari provides the opportunity to leverage their leading V2X platform to develop insurance use cases to promote vehicle safety worldwide.”
Earlier in the year, Aviva Ventures picked up a majority stake into robo-advisor solution Wealthify for an undisclosed amount. It’s investment platform was made available to Aviva customers following the deal.
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