RoadHow, a Solihull based business with 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 has been in development for two years and 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 came from Midlands Engine Investment Fund (MEIF) WM Equity Finance Fund, managed by venture capital firm Midven (part of the Future Planet Capital group). It 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.
