Safety app on road to success with £500,000 boost
Solihull based RoadHow, an app designed to help drivers to become safer and more aware on the road while potentially saving them money on their insurance, has secured £500,000 of investment.
The software platform and app, which has been in development for two years, can be used by motorists to test their driving knowledge and aid further learning.
Insurers will be able to review and monitor the data collected and offer incentives or discounts on car insurance, adding a new set of data into the insurance pricing and underwriting decision making process.
Learner drivers can also use the RoadHow app to practice DVSA Theory Test revision questions. It is the only app on the market that allows learner drivers to build their knowledge in the form of a series of AI-calculated scores as they work towards passing their test, with insurance providers ready to offer premium incentives for drivers who have used RoadHow.
The funding is set to support the business’s growth plans, with RoadHow set to welcome new staff over the next 12 months, supporting sales and marketing, as well as software development and tech.
RoadHow was founded by Adrian and Anne Ryan. Both have strong backgrounds in multiple technology sectors, having successfully built and sold global aircraft data and records management platform, FLYdocs, prior to developing RoadHow.
Adrian Ryan, Chief Executive Officer at RoadHow, says: “For too long, the insurance industry has had limited visibility of driver knowledge and skills data upon which to base underwriting and pricing decisions. We’re changing that with RoadHow. Through RoadHow, we will be able to provide insurance companies with real data that will create a much stronger relationship for both the insurance company and the driver. We want to reward good behaviour through data.”
The funding came from Midlands Engine Investment Fund (MEIF) WM Equity Finance Fund, managed by venture capital firm Midven (part of the Future Planet Capital group).
Giovanni Finocchio, investment director, said: “I’m really excited about RoadHow, not only does it have a great idea, but there are two very experienced founders who have not only invested their time but their own money to develop the platform. Adrian and Anne have surrounded themselves with top software developers, but they haven’t forgotten the need to get the product into the market. And for that, they have brought in several senior execs from the insurance world. I’m looking forward to working with the team in the coming months and years. This will be great business offering a great service.”
