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Aegis Announces Final Tranche of $5M Equity Financing

Aegis Mobility announced today the closing of its final tranche of a $5M equity financing. The financing was led by the West Michigan and Chicago Angel Groups.

Following $12M in invested capital, this latest equity financing positions Aegis to capitalize on the rapidly growing market for distracted driving solutions.

“Employers are quickly moving to reduce the injury and financial risks associated with cell phone use by employees while driving. Policies that ban employees from using cell phones while driving are quickly becoming best safety practice. We are all discovering that because of the compelling nature of our need to be connected, it can be difficult for a well-meaning employee to not answer a phone or look at an email or text. Technology solutions will play a key role in reducing this dangerous activity on our roadways. The NSC is pleased to be a partner with Aegis to provide products that enable organizations to reduce risk and liability and, most importantly, save lives,” said John Ulczycki, Vice President of the National Safety Council.

When surveyed 50% of employees admit to texting, emailing and browsing while driving; behavior which increases the risk of a crash or a near-crash event by approximately 23X and exposes employers to risk, liability and expense. Concerned employers are taking steps to protect their employees and themselves. 80% have adopted written policies. 27% are investigating technology enforcement solutions within 12 months.

“Where the employer has not affirmatively prohibited texting while driving and enforced that policy, the employer faces potential liability as a result of the accident. Vicarious liability, as it is called, is not a new legal concept. Employers have faced liability in similar situations for decades for the acts of their employees that occur during the course of the employment relationship.” said Mark Lies II, Seyfarth Shaw, LLP

In addition to directly helping corporations reduce the risk and liability associated with distracted driving, Aegis Mobility has built a context-based services architecture to enable wireless carriers to provide in-network distracted driving service offerings, and other value-added services, to both enterprise customers and individual consumers.

About Aegis

Aegis is a leading provider of software for mobile phones to prevent distracted driving. DriveSafer enables employers to actively and passively enforce cell phone usage policies to reduce crashes, risk and liability. While the DriveSafer architecture has been designed specifically for enterprise-class solutions, the technology is equally suitable for consumer applications and has been designed to be integrated into wireless carrier networks. With 5 patents issued and 11 pending, the Aegis patent portfolio is the broadest and deepest in the distracted driving industry. For more information, please visit www.aegismobility.com.

If you would like more information about this topic, please contact Matt Howard at +1-703-362-9490 or email at [email protected].

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