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SoftBank's Vision Fund invests $500M in Cambridge Mobile Telematics

Cambridge Mobile Telematics Inc., a telematics and analytics provider, secured a $500 million investment from SoftBank Vision Fund, the investment arm of Japan's SoftBank Group Corp.

The company plans to use the funding to accelerate its DriveWell platform, a telematics and behavioral analytics solution, which measures driving performance and vehicle dynamics.

CMT will also inject funds into its automated crash and claims management, video analytics and mobility systems, according to a Dec. 19 news release.

The investment is subject to regulatory approval.

SoftBank Vision Fund has raised about US$98.58 billion from 14 investors since its first sale in May 2017, according to a Dec. 3 SEC filing.

The Cambridge, Mass.-based company, which was founded in 2010 from MIT's Computer Science and Artificial Intelligence Lab, uses smartphone apps to analyze driver behavior to inform insurers, fleets and wireless carriers about the pricing of auto insurance plans and to automate tasks in insurance claims processing.