Solihull-based road safety app steers towards success following £500,000 investment
Solihull based RoadHow, which has 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 from Midlands Engine Investment Fund (MEIF) WM Equity Finance Fund, managed by venture capital firm Midven (part of the Future Planet Capital group).
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 will support the business’s growth plans, with RoadHow set to welcome new staff over the next 12 months, supporting sales and marketing and software development.
The app also offers users discounts on popular brands as part of its RoadHow Rewards scheme. For a subscription fee, users can have money-off or cashback on purchases made on the likes of Apple, Nike, Expedia, M&S, John Lewis and many more.
RoadHow is the brainchild of 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 said: “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.”
Giovanni Finocchio, Investment Director, added: "’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 a great business offering a great service.”
Tim Pile, Chair of Greater Birmingham and Solihull Local Enterprise Partnership (GBSLEP) said: “RoadHow are a hugely ambitious business, and it is fantastic to see their work come to fruition following MEIF funding. Digital technologies such as Artificial Intelligence (AI) and Augmented Reality (AR) are crucial to GBSLEP’s commitment of becoming a leading region for innovation. By working with our public, private and education partners and taking a collaborative cross-sector approach, we will continue to support businesses such as RoadHow to capitalise on the opportunities created to drive inclusive economic growth.”
