St. Paul startup Drive Power is raising $750k- $1m

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Drive PowerSt. Paul startup Drive Power is raising equity financing in the target range of 750k – $1m, according a recent SEC disclosure filing. $141k of which is reported as sold thus far.

The inspiration for and technology behind Drive Power’s mobile safe driving product DriveScribe stems from U of M IP, as it was spun out in late 2011 / early 2012 by then CEO Will England.

England his CEO role during a of transfer of ownership to founding partner Augeo, a local loyalty and incentive marketing firm. He has since been replaced by CEO Mike Moen, who came in to “accelerate national strategy” for DriveScribe.

The venture has closed on $815k in angel funding, followed-up by another $225k reported earlier this year.

DriveScribe recently passed a major milestone recording over 300,000 total miles driven across America, with users in every state including Alaska and Hawaii.

“We are excited about the driving space and are in early discussions with global OEMs and Technology companies who are evaluating our tech for possible integration and distribution to support safe driving. Our short term to medium term goal is finding the right partners to further enhance the tech and user experience, scale the platform and address the public policy issue of distracted driving,” Moen says.

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