Porsche Open Innovation Hackathon – TOP10 out of 700. Back then, we were known as the ‘Porsche Wizards’. After reaching the semi-finals, we rebranded to DriveX.
Prototron – TOP10 out of 290. After meeting dozens of rental companies, we discovered that businesses needed to understand the vehicle’s condition. We intended to build a hardware booth for AI-assisted photo inspections.
Ajujaht – TOP10 out of 310. Graduating from Prototron, our idea transformed from hardware into a SaaS business as we proved it to be a more scalable technology.
In the end of 2019 DriveX Technologies was founded.
Just one month after registering the company, we participated in sTARTUp Day 2020’s early stage startups competition. DriveX was awarded a cash prize as we achieved a TOP7 finish out of 312 companies.
Focusing on insurance, building with customers. We decided to focus entirely on the insurance sector’s underwriting issues. And it paid off – we are currently dominating the Baltic states as the leading remote inspection provider.
We then raised a 200 000 investment round from clients and investors. We were funded by a group of well known angel investors with a background in Estonian unicorns Skype, Transferwise and Bolt. Additionally, former Prime Minister of Estonia Taavi Rõivas, Lemonade Stand, insurtech expert Risto Rossar and Silberauto participated in the round.
We moved to our first office! We were focusing on sales, marketing, building the product and improving our AI. We announced partnerships with IIZI, BTA, Gjensidige, Salva, ERGO and Seesam. This was the year our team expanded significantly and all areas of our business started to take off.
In the beginning of the year we closed our second investment round of 1M led by DEPO Ventures, joined by Plug and Play Tech Center from Silicon Valley, Startup Wise Guys, Fund Fellow Founders and existing investors. DriveX was backed by a strong community of 37 angels, many of them founders or early employees of unicorns and soonicorns.
We moved office again! This time to a bigger one, as we grew in size.
In addition to the insurance market, we entered the rental and used car markets. During this year so far we have partnered with BALTA, Europcar, Compensa, ANO and InspectWise. We can’t wait to see what else this year has in store for us.
How DriveX Is Bringing Remote Used Car Inspection to the Market