Estonian insurtech DriveX raises $1M for remote vehicle inspections

Tallinn-based insurtech startup DriveX has raised $1 million in an investment round led by DEPO Ventures, Tech.eu informs.

• Founded in 2019 by Rauno Sigur, Kentti Koppel, and Valter Läll, DriveX is developing a platform, that digitises vehicle inspection processes with AI-assisted technology. The startup aims to save up to 90% of costs for car insurance and mobility companies.
• Lading investor DEPO Ventures is an international angel network and VC based in Czech Republic, with a focus on early-stage startups from Central and Eastern Europe. Plug and Play Ventures, a Silicon Valley-based fund, also participated in the round, as well as some 37 angel investors.
• In December 2020, DriveX raised its €207,000 pre-seed round from Lemonade Stand. The round followed a €7,500 angel investment in May 2020.

“DriveX already has large insurance corporations as customers in Estonia, Latvia, Lithuania, Croatia, and Romania. The next big markets we will be addressing are Poland, Czechia, and Romania to strengthen our position as the market leader in CEE,”

DriveX CEO Rauno Sigur says about the startup’s plans.

• To date, the startup’s customers include BTA from the Vienna Insurance Group, ERGO from Munich Re, as well as BALTA from the PZU Group.
• The new investment will catalyse DriveX’s efforts in expansion across Europe and beyond.