There is a new driver in place for Minneapolis-based startup Drive Power. Will England, the company’s former CEO and seed investor, is stepping aside and handing the wheel over to Augeo, one of the venture’s founding shareholders.
Drive Power was spun-out of the University of Minnesota’s Office for Technology and Commercialization in January of 2012 with intellectual property invented inside the University of Minnesota’s Intelligent Transportation Systems Institute.
The firm subsequently raised over $1 million in investment capital, including an 815k angel round in May 2012. Drive Power’s flagship product, DriveScribe, enjoyed national attention and press over the past year for its software platform that monitors, coaches, and encourages safe driving habits, with a focus on teenage drivers.
In its newly expanded role, Augeo will be deploying the DriveScribe technology for several DriveScribe clients and will also focus on new opportunities and partnerships that can leverage DriveScribe’s technology and application. Of particular focus, says Will, will be the utilization of DriveScribe’s technology to serve the insurance industry by providing insightful data to track, measure and reward safe driving and also to support fleet management and telematics companies.
“We were able to build a compelling technology product in a short amount of time and quickly validate that product in the market,” said Will, who will be pursuing other opportunities in the finance sector while remaining involved with Drive Power as a board member. “Augeo will be instrumental in institutionalizing the marketing and sales efforts necessary to take DriveScribe to the next level.”
Augeo specializes in engagement, loyalty and incentives. The company designs and manages enterprise level solutions and highly data intensive programs across many industries including telecommunications, insurances, financial services, sports and entertainment, foodservice, home improvement and distribution.