Cambridge Mobile Telematics has quietly become one of the most important companies you’ve never heard of in the race to make driving safer—and now some of the world’s biggest insurers are doubling down on it. The Cambridge, Mass.–based company has secured a $350 million strategic investment led by TPG’s Rise Funds and Allianz X, Fortune exclusively learned, with existing backer State Farm also participating in the all-secondary deal.
CMT builds AI-powered telematics software that turns everyday devices—smartphones, car sensors, dashcams, and other connected hardware—into real-time risk detectors on the road. Its DriveWell Fusion platform ingests sensor data from millions of devices and fuses it with contextual information, creating a unified view of how people actually drive, from hard braking and speeding to phone distraction. Insurers, automakers, and public agencies then use those insights to price risk, detect crashes, and nudge drivers toward safer habits.
To date, CMT-powered programs have helped prevent more than 100,000 crashes and 54,000 serious injuries, and support over 140 safe driving initiatives touching more than 55 million drivers in 25 countries, according to Frost & Sullivan and the company. According to TPG, the company already serves nearly all of the 25 top U.S. auto insurers.
The business behind that impact is not small. Third-party estimates peg CMT’s private valuation above the billion‑dollar mark. The new deal follows a $500 million investment from SoftBank’s Vision Fund in 2018, one of the largest tech financings in Massachusetts at the time.
Powers, CMT’s cofounder and CEO, has a simple way of explaining what all that capital is funding. “If you think of the world of mobility, we are an artificial intelligence mobile sensing company,” he told Fortune. “Most vehicles have a signal coming from them. Now it might be the driver’s phone, it might be the vehicle itself, but we measure the signal. We do not track things. We measure signal.” Beyond insurance, CMT’s public sector division works with cities and transportation agencies to understand how people move, redesign dangerous roads, and prepare aging infrastructure for more automated driving.
The strategic investment into CMT is notable not just for its size, but for what it is not. Powers says, “none of this is primary capital. This is all secondary transactions, meaning there’s no dilution with this transaction—zero.” The new money instead is meant to push the business further in its innovation by buying out older investors and providing liquidity to long‑time employees and shareholders. “We’ve been at this for 16 years,” he told Fortune. “We continue to generate cash and continue to deliver liquidity to folks along the way.”
Akash Pradhan, partner at TPG’s Rise Fund, told Fortune, the firm’s investment in CMT comes from his belief that the telematics company is slated to become the “mission critical” infrastructure of road safety turning more than 75 petabytes of data into foundational AI that can help both save lives and lower premiums.
For Allianz X, the deal is as much about strategy as returns. The unit is the strategic investment arm of Allianz, rather than a conventional GP/LP fund, and sits inside a group that wrote about $217.1 billion in total premiums and generated $20.2 billion in operating profit in 2025, serving roughly 97 million customers worldwide. “At Allianz X, we’re not a fund, so we don’t have a GP structure,” CEO Dr. Nazim Cetin told Fortune. “We are a strategic investment unit of Allianz.”
Allianz has been building a digital claims stack in recent years, acquiring firms like ControlExpert, Innovation Group, and GT Motive to automate everything from photo-based damage estimates to routing cars to the right repair shops. CMT’s telematics is meant to sit upstream of that system, helping prevent accidents in the first place and feeding richer data into claims workflows when they do happen.
Cetin stresses that Allianz X still underwrites the deal like a classic venture investor. “We do not invest if the company on a standalone basis would not give us the risk-return profile that we expect,” he says. “In this case, what we would expect is what every VC investor would expect from such an investment on a standalone basis.” But unlike a traditional fund, Allianz’s capital “doesn’t have an expiration date,” giving it more patience to realize both financial returns and operational gains like lower claims frequency and more tailored pricing for policyholders.
The check also comes from serious financial firepower. TPG manages more than $300 billion across strategies and has built its Rise impact platform into what it calls the world’s largest dedicated impact-investing franchise, with roughly $31 billion in assets under management. Allianz X sits inside one of the largest auto insurers in Europe and globally, while State Farm—an early CMT backer—runs one of the most widely used telematics programs in the U.S., Drive Safe & Save, across more than 90 million policies and accounts.For Powers, that network is as much about distribution as dollars. “Because we’ve been profitable for so long, and because we really control our destiny, we really get to be selective of who we choose to work with,” he told Fortune. But ultimately, Powers says, his vision for CMT is simply to help leave the world better than he found it.
