Nirvana lands $57m to expand its IoT-based commercial insurance platform

Nirvana Insurance, a provider of modern insurance solutions, has announced the successful closure of a $57m Series B funding round.

Nirvana Insurance, a provider of modern insurance solutions, has announced the successful closure of a $57m Series B funding round.

Lightspeed Venture Partners, a prominent investor in the firm, led this round, with significant contributions from General Catalyst and Valor Equity Partners.

This substantial funding injection positions Nirvana Insurance to continue its mission of empowering fleets to harness the full potential of IoT and sensor data, unlocking cost savings and tailored risk management solutions.

Commenting on Nirvana’s pioneering approach, Raviraj Jain, Partner at Lightspeed Venture Partners, noted, “Commercial fleets today produce a tremendous amount of data, yet most insurers still insist on a cookie-cutter approach to insurance that does nothing to incentivise safety.

“Nirvana is bringing insurance into the modern era, changing how the industry considers risk. Their incredible growth is a testament to the opportunities AI and data analytics are opening up in fleet insurance and beyond, especially given that the IoT fleet management market is expected to continue growing.”

Nirvana Insurance brings a series of immediate advantages to its customers, such as receiving quotes within days instead of weeks and upfront savings of up to 20% for safe driving practices. However, the benefits extend beyond cost savings, as Nirvana’s approach also enhances fleet safety and streamlines claims processing.

Rushil Goel, co-founder and CEO of Nirvana, said, “In the past few years, most fleets saw their insurance rates rise even though they were doing everything right. We believe they deserve better. Nirvana is changing the paradigm by proving how a better customer experience—lower rates, faster turnarounds for quotes, and access to a full safety platform—is better for business, reflected in our market-leading loss ratio.”

Joe Gramc, CEO of Five Star Trucking, added, “With telematics data, Nirvana is looking at the whole picture of my fleet’s performance. Are they hard-braking? Speeding? Changing lanes abruptly? Where other providers stay at arm’s length, Nirvana’s proactive safety recommendations ensure that our fleet is following local and federal safety regulations.”

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