State Farm also participated in latest investment round.
Cambridge Mobile Telematics, the telematics and AI platform used by major auto insurers including State Farm and Progressive, has received a $350 million strategic investment led by private equity firm TPG and Allianz X, the strategic investment arm of insurer Allianz Group.
State Farm also participated in the investment round, which was announced March 24. The funding is aimed at expanding CMT’s road safety platform, advancing its AI-based driving risk assessment and crash detection models, and growing adoption of the company’s Universal Driving Score.
The deal signals growing insurer confidence in telematics
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