Commercial auto insurance startup High Definition Vehicle Insurance (HDVI) has netted $16m in its Series A round.
8VC and Munich Re Ventures led the round, with participation also coming from Qualcomm Ventures and Autotech Ventures.
Capital from the round will expand its product offering to meet the changing market demands. Priorities for the funding include growing the team size, launching into new US states and building additional technology tools for agents, fleets and drivers.
Founded in 2018, the company offers commercial fleets with insurance and advanced telematics, which protects drivers but also ensures compliance.
HDVI CEO and co-founder Chuck Wallace said, “Double-digit increases in insurance costs are now common in commercial trucking, making it tough for many fleets to operate profitably.
“There is a lot of technology and data available that is not being taken advantage of that can help address new risks and changing demands. Demand for our product shows there’s a clear industry need for HDVI’s much better approach, and with our investors’ proven innovation and leadership across the logistics, insurance, and mobility industries, they are the perfect partners to continue to build our company with.”
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