Fairmatic is using data and AI for introducing more personalised insurance option. Credit: Fairmatic/ PRNewswire.

Insurance tech company Fairmatic has raised $42m in its Series A funding round to launch personalised commercial auto insurance products powered by data and AI technology.

The financing round was led by Foundation Capital and Aquiline Capital Partners.

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Fairmatic is also backed by insurtech, fintech and technology industry angel investors, such as Hippo Insurance co-founder Assaf Wand; Bill Tai; Oren Zeev; and Yahoo co-founder Jerry Yang.

Fairmatic’s AI-powered personalised insurance offerings will incentivize safety with savings.

The company has emerged from stealth mode with an all-star C-suite of insurance and technology innovators for transforming the performance-priced fleet insurance.

In stealth mode, it tested predictive risk model and paid thousands of drivers to achieve ‘best-in-class’ underwriting results.

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The company stated that its AI-based risk and pricing models have been trained with approximately 200 billion miles of driving data and were tested to help fleets proactively manage and improve safety issues with actionable insights.

Fairmatic founder and CEO Jonathan Matus said: “Fairmatic is introducing an impact-driven alternative to antiquated commercial auto insurance models: one that rewards safety and gives fleets fairness and control over costs.

“Having spent years working on making smartphone technology ubiquitous, I was deeply troubled by its unintended consequence for road safety.

“Fairmatic’s inception is the manifestation of our focus to transform Commercial Auto insurance into a force for good.”

The company’s team is using the technology and insurance for improving the complete insurance value chain from underwriting and distribution, risk selection, risk mitigation and claims.

Furthermore, Fairmatic plans to boost its global team with hubs in India, Israel, and the US.