Hedman advised DriveX in securing funds for product development

Hedman assisted the client in securing funds to develop its glass damage detection system.

The product development is part of a project call issued by the Estonian Investment Agency (EIS), and the newly raised funds will accelerate the advancement of DriveX’s vehicle damage detection technology, where the goal is to enhance its AI system performance.

In meeting the project’s equity requirements, Hedman guided DriveX through a financing round from investors, including Carglass® franchises in Estonia, Lithuania, and Slovenia, as well as an existing investor Silventure.

Hedman has also advised the client in previous investment rounds throughout the years.

Founded in 2019, DriveX uses AI-powered software and computer vision for vehicle identification. By automating verification processes, the company helps insurers expedite policy sales and claims handling, saving both time and money for insurance providers and their customers.

The client was advised by senior associate Kati Pino, partner Toomas Seppel, and assisted by junior associate Alex Luik.