San Diego’s Fleet Matrix Raises $1M, Changes Name to Acculitx
Acculitx, a San Diego startup founded several years ago as Fleet Matrix, said it has raised $1 million from a local investment firm to advance its data analytics technology for scoring motorists according to their driving behavior.
The company says it’s working with major insurance companies to redefine usage-based insurance by ranking drivers based on their general driving tendencies as well as aggressive, distracted, and other specific risky driving behaviors. Acculitx says its technology is based on continuous GPS vehicle tracking data, and that it generates a “driver behavior score” that is correlated with actuary data.
Acculitx says it partners with telematics service providers or video device makers, and can collect data from any device. The company offers its data analysis to insurance underwriters, saying they are willing to pay between 2 percent and 10 percent of the annual premium for a credible score of driver risk.
Acculitx was founded by CEO Peter Ellegaard, a former vice president of engineering at San Diego-based Lytx when it was known as DriveCam, and president Alan Mann, a former DriveCam vice president of sales.
In a statement, Acculitx describes the $1 million investment as a Series A round. The investor, 9411 Associates of San Diego, registered with the California Secretary of State in 2012 as a real estate investor.