Telefonica announced it is spinning off Drivies, an app which uses artificial intelligence (AI) to help users find a better price for their car insurance and driving benefits.
Drivies secured an initial round of financing of €500,000 from the team which created the technology as well as from business angels (private investors specialising in investing directly in startups), and aims to “continue to optimise the product and work on obtaining new funds in order to expand the model in Spain” and internationally, Telefonica said.
The app was created two years ago in response to a call for Telefonica employees to develop innovative new business ideas.
In August 2016 Telefonica said over 60,000 users had installed the app, with 57 per cent confirming it improved their driving habits. The initiative was incubated until a “proven and mature product could be generated and converted into an independent company”, the operator stated.
David del Val, product innovation director and CEO of Telefonica I+D (an innovation focused research unit headquartered in Madrid) said: “Telefonica has chosen the path for the evolution of a product which stands every chance of success. Drivies offers further proof of Telefonica’s successful model of promoting intrapreneurship and a spirit of innovation.”
Drivies uses sensors in mobile devices to monitor driving habits and provide drivers with information on their journeys, special offers and discounts.
It aims to encourages good driving habits and road safety, combining gamification with monitoring technology.