HDVI will use the funding to enhance its telematics-driven offerings, increase coverage and offer improved tools for insurance agents. Credit: Andrew Angelov/Shutterstock.

Commercial auto insurer High Definition Vehicle Insurance (HDVI), headquartered in Chicago, Illinois, has raised $40m in funding.  

The investment round was led by current investors 8VC, Autotech Ventures, Munich Re Ventures and Weatherford Capital.  

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This growth capital, which takes HDVI’s total capital raised to more than $87m, will be used to enhance the company’s telematics-driven offerings. 

The company also plans to use the financing to increase coverage and provide enhanced tools for insurance agents as it aims for nationwide expansion. 

Autotech Ventures’ Alexei Andreev and 8VC’s Jake Medwell will become members of HDVI’s board of directors.  

They will serve alongside existing members such as Munich Re Ventures’ Jacqueline LeSage, Weatherford’s Will Weatherford and HDVI’s Reid Spitz and Chuck Wallace.  

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After a seven-year tenure as CEO, HDVI co-founder Chuck Wallace will transition to a strategic advisor role, with co-founder Reid Spitz leading as CEO.

Spitz was named the president in January 2024. 

Wallace stated: “I look forward to supporting my co-founder Reid in his new role. Reid is the right person to lead HDVI as it continues its strong growth and innovation in the future.” 

Spitz said: “With the infusion of capital, HDVI is well positioned to continue leading the industry in leveraging technology in commercial auto insurance. 

“We have harnessed over 7.5 billion miles of telematics data to enhance our understanding of risk models, refine our pricing models and underwriting process, and improve how we manage claims in-house to deliver a more streamlined, efficient and customer-centric experience.”  

Additionally, HDVI has expanded its reinsurance panel to include some of the most “financially secure reinsurers”.  

The company’s flagship product, HDVI Shift, utilises telematics technology to enable customers to reduce risk and save up to “20% upfront” as well as on monthly premiums, depending on safety performance.  

Since 2021, HDVI Shift is said to have recorded a compound annual growth rate of 107%, with a low loss ratio that is said to be “well below the industry average”. 

HDVI also integrates information from the Federal Motor Carrier Safety Administration and other sources to further refine risk assessment and pricing.  

The company raised $32.5m in a Series B funding round in 2021 and $16m in Series A funding in 2020.