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.
Author: Bruce V. Bigelow
In Memoriam: Our dear friend Bruce V. Bigelow passed away on June 29, 2018. He was the editor of Xconomy San Diego from 2008 to 2018. Read more about his life and work here.
Bruce Bigelow joined Xconomy from the business desk of the San Diego Union-Tribune. He was a member of the team of reporters who were awarded the 2006 Pulitzer Prize in National Reporting for uncovering bribes paid to San Diego Republican Rep. Randy “Duke” Cunningham in exchange for special legislation earmarks. He also shared a 2006 award for enterprise reporting from the Society of Business Editors and Writers for “In Harm’s Way,” an article about the extraordinary casualty rate among employees working in Iraq for San Diego’s Titan Corp. He has written extensively about the 2002 corporate accounting scandal at software goliath Peregrine Systems. He also was a Gerald Loeb Award finalist and National Headline Award winner for “The Toymaker,” a 14-part chronicle of a San Diego start-up company. He takes special satisfaction, though, that the series was included in the library for nonfiction narrative journalism at the Nieman Foundation for Journalism at Harvard University.
Bigelow graduated from U.C. Berkeley in 1977 with a degree in English Literature and from the Columbia University Graduate School of Journalism in 1979. Before joining the Union-Tribune in 1990, he worked for the Associated Press in Los Angeles and The Kansas City Times.
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