DTC’s Daily Digest brings you the latest news about the world's fastest growing brands. In today's edition: Root car insurance malfunction, raised $ 350 million; DoorDash buys self-driving Scotty Labs; Koti adds AI to DTC business.
Root car insurance malfunction, raised 350 million USD
Start auto insurance in Ohio Root insurance Was set to He raised $ 350 million (£ 288 million) in a financing round This would raise the company's value to $ 3.65 billion.
The series will be led by new investors Coatue Management and DST Global. Root currently has $ 177.5 million (£ 146.1 million) in funding, with its last $ 100 million (£ 82 million) round raised in August.
Root uses a driver's smartphone to measure how much he drives, unlike traditional insurers, who take age, place and how much you take into account. The Root Smartphone app measures behaviors such as brakes, steering regularity, and cornering speed to determine if someone is a "safe driver" and how much they have to pay for insurance. Drivers can save up to 52% of their car insurance policy through Root, according to the company.
The new Root round will be the largest single round of financing to start VC-backed insurance in 2019.
DoorDash buys self-driving Scotty Labs
DoorDash In the purchase spree at present, with Scotty Labs latest operations. Scotty Labs A remote operations company working on technology to enable people to remotely control self-driving cars. The company collected a $ 6 million (£ 5 million) seeding round from Gradient Ventures, with the participation of Horizon Ventures and Hemi Ventures, in March. The startup previously worked with Voyage for its self-driving cars in retirement communities.
The deal follows DoorDash's acquisition of Caviar on-demand food delivery for $ 410 million (£ 337 million). “Our basic belief in Scotty has always been that autonomy + remote assistance is the future,” wrote Scotty CEO Tobina Arudogbo on “The Mediterranean.” "We have always seen ourselves as a noise-fighting company and have focused heavily on developing basic infrastructure and algorithms to ensure the safe deployment of autonomous vehicles."
Details of how Scotty Labs will integrate into non-existent DoorDash works, but you can imagine DoorDash using Scotty remote control technologies in delivery robots or other types of autonomous vehicles.
Cotty adds AI to DTC's work
Coty has Add AI to its direct consumer brand Younique. AI is a face analysis tool that facilitates the shopper's virtual product experience, as well as the most informed product recommendations from bidders.
"We are very excited to revolutionize this field with our Unique Beauty Guide – our new AR tool – which is globally smooth and fosters innovation to further our mission," says Melanie Huscroft, co-founder of Unique.
Besides facilitating the consumer experience, Gemayel can “serve as a diagnostic tool for every Younique program provider in recommending products and shades appropriate to their loyal customer base, thereby increasing overall consumer satisfaction.”
Users will be able to experience many products, including foundation, blush, mascara and eyeliner.
Coty has recently come under pressure to change Younis' fortunes, as the brand struggles to sell Just two years after the beauty giant invested $ 600 million (£ 494 million) for a 60% stake in the business.
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