MileIQ

Last updated

MileIQ
FoundedSeptember 2013;10 years ago (2013-09)
FounderDan Bomze
Chuck Dietrich
Headquarters
San Francisco, California
,
U.S.
Key people
Chuck Dietrich (CEO)
ProductsMileIQ mobile app [1]
Parent Microsoft
Website www.mileiq.com

MileIQ is an American-based technology company that develops a mileage tracking and logging app. [2] The app uses automatic mileage tracking to calculate mileage while driving for business purposes that can then be used to report for reimbursement and potentially a tax deduction with the IRS, being attributed as the first mobile app to passively track such data. MileIQ has been compared to Fitbit for driving [3] and has been discussed in national business publications that include Fast Company, Fortune, and Forbes. [4] [5]

Contents

On November 5, 2015, Microsoft announced that it had acquired MileIQ for an undisclosed amount. [6]

On March 18, 2021, MileIQ service is transitioning to a new owner, MileIQ LLC, which is led by the original creators of the mileage tracking app. MileIQ LLC is unaffiliated with Microsoft Corporation and will start operating the app and the service after May 1, 2021.[ citation needed ]

History

MileIQ was founded by Dan Bomze, an entrepreneur and investor of numerous startups. He began collaborating with a small team to design software that would simplify mileage reimbursement. [7] Bomze obtained feedback from others who tracked mileage for reimbursement and began looking for a business partner knowledgeable with software development. [7] He was introduced to SlideRocket CEO and former Salesforce.com general manager Chuck Dietrich who became a founding partner in the company. [8] MileIQ was officially launched in the App Store in 2013, later becoming available for Android. [7] [9]

Concur Technologies, a company that integrates third-party apps for users to file business reports, added MileIQ to its service offerings in early 2014. [10] The same year, MileIQ partnered with cloud accounting software company FreshBooks. The partnership allowed users of MileIQ to automatically import their driving data into their FreshBooks accounts. [11]

MileIQ received seed funding in amount of $3 million (~$3.67 million in 2022) in late 2014, led by SV Angel, CRV, and Salesforce.com founder Marc Benioff. MileIQ added $11 million (~$13.3 million in 2022) in funding in 2015 with a Series A round that included original investors as well as the addition of Trinity Ventures. [12]

Products and services

MileIQ offers an app named after the company ("MileIQ") which passively tracks and logs mileage of users. The app works in the background of a Smartphone, tracking and recording all driving activities. It uses artificial intelligence and machine learning to filter personal and business mileage based on time, day, and other factors. The app syncs with online mileage logs to document information obtained while driving.[ citation needed ]

The MileIQ app is available for free download on the App Store and Google Play. [3] After a one-time download and profile set-up, it works like an activity tracker and begins to log drives automatically, or allows for manual entry of travel. [4] The user swipes left or right at the end of each trip to indicate if the trip was for personal or business. [13] The free version of the app tracks up to 40 drives per month with a premium feature that allows for more. [3]

See also

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References

  1. ↑ Martin, Allison (February 28, 2014). "Tax Hacks 2014: 13 Helpful Income Tax Apps". MoneyTalkNews. Retrieved May 19, 2015.
  2. ↑ Cull, Ian (March 18, 2015). "Mile IQ App Helps Drivers Track Mileage for Business Trips". NBC Bay Area. Retrieved May 19, 2015.
  3. 1 2 3 Tipton, Adriana (February 26, 2015). "MileIQ Is Like Fitbit For Driving; Here's Why". Tech News Today. Archived from the original on May 4, 2015. Retrieved May 19, 2015.
  4. 1 2 Aamoth, Doug (April 10, 2015). "Free App Friday: 5 Great Last-Minute Tax Tools". Fast Company. Retrieved May 19, 2015.
  5. ↑ "Sharing-economy jobs make taxes uber-complicated". Fortune. April 14, 2015. Retrieved May 19, 2015.
  6. ↑ Kim, Eugene (November 5, 2015). "Microsoft just bought a startup that can automatically track how far you drive". Business Insider.
  7. 1 2 3 "About us". MileIQ official website. Retrieved May 19, 2015.
  8. ↑ Carney, Michael (January 29, 2015). "MileIQ raises $11M to take the pain out of mileage tracking and put more cash in users' pockets". Pando Daily. Retrieved May 19, 2015.
  9. ↑ Channer, Rory (March 9, 2015). "6 apps to pack on your phone for business travel". Los Angeles Business Journals. Retrieved May 19, 2015.
  10. ↑ Frank, Blair Hanley (May 8, 2014). "Concur expands App Center, adds MileIQ, Trover and more than 30 other partners". GeekWire. Retrieved May 19, 2015.
  11. ↑ Lapchuk, Lindsay. "FreshBooks and MileIQ partner to make tracking your miles a breeze". FreshBooks. Retrieved May 19, 2015.
  12. ↑ "The Daily Startup: Latest Kickstart Seed Fund Looks to Boost Utah Startups". The Wall Street Journal. January 30, 2015. Retrieved May 19, 2015.
  13. ↑ Weston, Liz (April 27, 2015). "Financial records: What to keep, what to toss". Reuters. Retrieved May 19, 2015.
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