AXA backs AI startup Idelic
Pittsburgh-based software enterprise solutions provider for transportation fleets Idelic has raised $20 million in a Series B funding round led by Highland Capital Partners with participation from AXA Venture Partners . Additional participants in the round included previous investors Birchmere Ventures, Origin Ventures, TDF Ventures, and SaaS Venture Capital. In conjunction with the financing, Craig Driscoll of Highland Capital Partners will be joining Idelic’s Board of Directors.
Founded in 2016, Idelic’s flagship product, Safety Suite®, offers a driver management platform that integrates data from multiple technology sources into a single system of record that enhances workflows and provides fleet analytics. Safety Suite uses machine learning to turn fleet data into predictive insights that enable fleets to efficiently manage their entire safety operation and identify at-risk drivers before a crash occurs. “We created Safety Suite to empower fleets of all sizes to proactively unlock and use their data to make their drivers and our roads safer for everyone.” – Idelic Co-CEO Nick Bartel.
“With insurance costs and driver turnover skyrocketing over the past several years, our mission is to help fleets overcome these challenges and create a safety culture that is not only valued by their drivers but also their insurance providers. Raising our Series B will enable us to reinvent how the transportation industry underwrites driver risk and evaluates the fleets they insure.” – Co-CEO Hayden Cardiff.
“Together, we can revolutionize how trucking fleets—and their insurance carriers—think about the risks they navigate every day. That’s a massive goal that has huge implications for the transportation industry and society in general. Their mission is exactly what we look for in companies, and I’m thrilled to join the team.” – Craig Driscoll, General Partner at Highland Capital Partners.