Start-up Motomatix raises funds from Venture Catalysts
- Going beyond the problems of bitcoin
- Individual investments in financial assets continue to grow faster in FY17
- It is possible to insure gold lying in your bank locker as well as that at your house
- Bankrupt corporations don’t need protection
- A financial plan that was a reality check on where we stand today
Bengaluru: Motomatix, a start-up which analyses driving behaviour, has raised $200,000 from Venture Catalysts, a seed funding platform, the company said in a statement on Monday. The funding was led by Vikram Lakhotia, managing director at Standard Transport Corporation and Anirudh Damani, partner at Artha India Ventures.
Urbtranz Technologies Pvt Ltd, which owns Motomatix, claims to deploy machine learning to capture real-time data about driving habits and road conditions.
The founders of Motomatix—Shivalik Sen, Arun Gandhi, Nikhil Tavora and Someshwar Dash—had earlier founded Driven, a start-up that provided chauffeurs on demand. Driven was sold off to Chennai-based rival DriversKart earlier this month.
“We started out as an on-demand driver service and built a driving analytics module to help track and train our drivers. While doing so, we realised that there was a distinct lack of a similar scientific metric to quantify and judge driving behaviour as well as to identify and train drivers in areas which require improvement,” said Sen.
“Seeing how this tool could have a number of use-cases across industries such as transportation, logistics and insurance, we spoke to several businesses and received an overwhelming response for the idea. This was what made us go all in with Motomatix,” he added.