Driver-Monitoring App for Insurers Censio Rolls into $10M Series A
Censio, the Boston startup that recently announced a connected car app for insurance provider Progressive, has raised a $10 million Series A funding round to further develop its technology and fulfill the needs of its first partner.
Founded in 2012 by a group that includes former Zipcar CEO Scott Griffith, Censio gathers data through its app that tracks various details about how its users drive. It uses the smartphone app, not a hardware device in the car, to distinguish between safe and risky drivers. That information is then used to reward safe drivers with discounts on their premiums, the company said in a statement.
Progressive (NYSE: PGR) selected Censio as the provider of its mobile usage-based insurance platform in September, after an 18-month competition among 11 companies, Censio said.
General Catalyst Partners, the Cambridge, MA-based venture firm, led the Series A round, along with participation from Bain Capital Ventures and Lakestar. Censio has raised $13 million to date.