High Definition Vehicle Insurance raises $16 million
High Definition Vehicle Insurance, “the next-generation commercial auto insurance business,” announced a $16 million Series A round led by 8VC and Munich Re Ventures, with additional participation from Qualcomm Ventures and Autotech Ventures.
Founded in 2018 by Esurance cofounder Chuck Wallace and former 8VC employee Reid Spitz, HDVI is focused on delivering a new commercial insurance solution that helps small and mid-size trucking fleets improve their safety, compliance, and operations. The company promises to go beyond insurance with the use of “high-quality telematics” and an integrated suite of software and services to deliver “greater protection and service than traditional insurers can offer at the same or better price.”
HDVI will use the funding to expand the team, launch into new states, and build additional technology features for agents, fleets, and drivers.
“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.” – Chuck Wallace, CEO and cofounder, HDVI.
“Trucking fleets need better insurance coverage and tools that can help prevent incidents from happening in the first place. Taking a technology-driven approach to protection, HDVI empowers fleet owners to gain control over their operations and regain confidence that their business and their employees will remain safe. We have great confidence in this market and that HDVI’s team are the lead innovators.” – Jake Medwell, Founding Partner, 8VC.
“The powerful combination of the HDVI team, investors, and partners helps position HDVI to become a leading provider of commercial trucking services and insurance by transforming the traditional offering and creating unique value and opportunities. We’re excited to join HDVI on their journey and to help them build on their impressive accomplishments over the past two and a half years.” – Amir Kabir, Principal, Munich Re Ventures.