Cambridge Mobile Telematics (CMT), a Cambridge, MA-based developer of AI-driven telematics and road safety solutions, has raised $350 million in a strategic funding round led by TPG and Allianz X, with participation from State Farm.
Along with the funding, CMT entered into long-term agreements with Allianz Group companies to expand data-driven insurance and support services across Europe.
The company plans to use the funds to grow its global road safety platform, improve its DriveWell Atlas AI models for real-time crash detection and risk assessment, and increase the use of its Universal Driving Score.
TPG is investing through The Rise Funds, part of its global impact investing platform, while Allianz is investing through Allianz X, its strategic investment arm. TPG’s experience in technology, and AI, along with Allianz’s long history in insurance, will help support CMT’s growth. State Farm also supports CMT, seeing its real-time risk platform as a good fit with its goal of using AI and data to serve customers and communities better.
The investment also includes long-term agreements with Allianz Group companies, such as Allianz Partners and Allianz Versicherungs-AG, to develop data-driven insurance and services across Europe for customers, car manufacturers, and mobility partners. This partnership will strengthen Allianz’s capabilities, encourage innovation, and improve road safety by combining CMT’s telematics technology with Allianz’s global insurance expertise.
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William V. Powers, Co-Founder and CEO of CMT, said the investment will help them continue their mission to make roads safer and build stronger communities. He added that working with TPG, Allianz, and State Farm will support this goal. By preventing crashes and helping drivers improve, CMT aims to solve a major global problem. The company is using AI to improve transportation worldwide, save lives, lower costs, and promote more sustainable travel.
Telematics technology is changing the insurance industry by providing detailed information about driving behavior, crash detection, and vehicle use. With driver consent, insurers like Allianz and State Farm can use data from cars, phones and other devices to understand risk better, offer personalized policies, and encourage safer, more sustainable driving habits.
CMT’s platform, used by millions of drivers, insurers, automakers, and public organizations, combines telematics, and AI to improve road safety. It helps prevent accidents before they happen, has stopped over 100,000 crashes, supports 55 million drivers in 25 countries, and promotes safer, more sustainable driving through programs worldwide.
“CMT shows how technology can make a real impact, said Akash Pradhan from The Rise Funds. He explained that CMT’s data and AI models help drivers make safer choices and can also make car insurance more affordable. He added that they are excited to work with CMT, Allianz, and State Farm to grow their leadership in AI-based telematics.”
“At Allianz X, we don’t just invest; we build the capabilities and partnerships that shape the future of insurance and mobility. By combining CMT’s telematics solutions with Allianz’s global reach, we shift from reacting to risks to preventing them, said Dr. Nazim Cetin CEO of Allianz X. This deal exemplifies how we use strategic foresight to enhance Allianz through innovation improving customer experience, and promoting safer mobility for all.”
“Tomas Kunzmann, CEO of Allianz Partners, said they are working with car manufacturers and partners worldwide to improve mobility. He added that CMT’s technology helps them offer more personalized, data-driven insurance and support services, giving customers greater peace of mind throughout their journey.”
“Frank Sommerfeld, CEO of Allianz Versicherungs-AG, said that working with CMT helps them use technology to prevent accidents and improve motor insurance, while also giving better protection to customers and their families.”
“Sara Frankowiak from State Farm said the investment shows their focus on using technology better to serve their millions of customers in the U.S. She explained that CMT’s platform helps improve risk assessment and brings them closer to preventing crashes for all drivers. She added that safer driving leads to better results for everyone and lower insurance costs for customers.”
About Cambridge Mobile Telematics
Founded in 2010 by Hari Balakrishnan, Bill Powers, and Sam Madden, Cambridge Mobile Telematics (CMT) is a leading telematics and AI company focused on making roads safer. Its AI-powered platform, DriveWell Fusion, helps identify and reduce driving risks to prevent accidents and injuries. The company has helped prevent over 100,000 crashes worldwide and works with insurers, automakers, mobility companies, and public organizations to improve safety, detect crashes and support claims. Headquartered in Cambridge, Massachusetts, CMT operates globally with offices in several countries.
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