5 February, 2016, USA: In its series A round of funding, San Francisco based company, Zendrive has acquired US $13.5 million funding. The round was led by Shrepa Capital along with Nyca Partners, Thomvest Ventures and existing investors, First Round Capital, BMW i Ventures, Fontinalis Partners and Tad Montross. Company will be using the acquired amount to strengthen its team and to promote innovative ideas.
Pankaj Risbood, co-founder of Zendrive said, “The transportation and logistics sectors in India are undergoing rapid growth and modernisation. At the same time, road safety is becoming an increasing focus for regulators and communities. Zendrive technology, by virtue of working on any smartphone, fits in very well with the requirements for a solution that is cheap, does not require hardware and can be rapidly deployed nationwide.”
The company ventured into the market in 2013. Founded by Jonathan Matus and Pankaj Risbood, it has its engineering unit in Bangalore. Zendrive utilises the artificial intelligence algorithms to analyse sensor data and return actionable insights for fleets and drivers.
