EDP Ventures has exited telematics technology provider Drivit in a purchase by Zego, which will use its technology to verify insurance claims.
Commercial automotive insurance provider Zego has acquired Portugal-based automotive telematics technology devleoper Drivit in a deal of undisclosed size, enabling energy utility EDP to exit.
Drivit installs telematics systems in vehicles to monitor the driver’s behaviour and report back to the client through its mobile app. Zego will use its technology to help verify the authenticity of customers’ insurance claims.
The company raised an undisclosed amount in 2019 from EDP’s corporate venturing unit, EDP Ventures, and the Portuguese government’s Financial…
