Nirvana Insurance, a technology-driven platform that modernises commercial fleet insurance, has publicly launched its services on the back of a $22m Series A.
The Series A round was led by Lightspeed Venture Partners with additional participation from General Catalyst, Elad Gil, Fidji Simo (CEO, Instacart), Spike Lipkin (CEO, Newfront), Sam Hodges (CEO, Vouch), and more.
Nirvana said it will use the funding to scale its operations, grow its team, and invest in R&D efforts to expand products and services.
The company uses telematics data to transform the “stubbornly analog” world of truck insurance to help fleets mitigate risk; improve driver performance; drop costs; and make the insurance process easier for everyone.
Nirvana said its offering is especially important today as the world suffers through a global supply chain crunch that is worsened by a trucking industry under duress. More than 90% of the fleets nationwide have fewer than 50 trucks, and these small businesses operate on razor-thin margins, Nirvana said.
The Nirvana platform connects billions of data points from telematics and AI-powered dash cams, as well as public sources like the DMV and the department of transportation, to provide instantaneous quotes. Location, speed, video, erratic driving, weather, and traffic are all factors that are assessed by Nirvana’s machine-learning algorithms.
The policies are also usage based: customers only pay for how much they drive, supporting the focus on reducing costs and tailoring coverage to a fleet’s actual exposure and usage.
Raviraj Jain, partner at Lightspeed Partners, said, “Rapidly rising premiums in commercial fleet insurance are causing trucking businesses to shut down. Nirvana is bringing next-generation, data-driven insurance to the commercial fleet world by helping them operate not only more safely as business owners, but leverage that safety to positively impact customers and beyond.”
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