AI-powered trucking insurer Nirvana Insurance has raised $80m in a Series C financing round, at an approximate valuation of $850m.
This funding round was spearheaded by General Catalyst, with contributions from existing investors Lightspeed Venture Partners and Valor Equity Partners.
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Nirvana Insurance will use the capital to support technological growth and market expansion in commercial fleet insurance.
The company is said to have surpassed $100m in premiums and more than doubled its year-over-year growth.
Nirvana Insurance CEO Rushil Goel said: “Nirvana is transforming the insurance experience with AI that helps us better understand the real world risk that every individual fleet presents.
“This investment allows us to scale our impact, ensuring fleets have access to personalised, real-time insurance solutions that reward safety – it is a fairer approach for the fleets, and a more profitable approach for an insurance carrier.”
The company integrates Internet of Things (IoT) data derived from telematics devices within fleets, enabling the assessment of more than 20 billion miles of driving data.
It utilises both real-time and historical telematics data for personalised pricing to customise coverage and pricing.
The platform facilitates real-time risk assessment, enabling underwriters to make decisions, and its pricing is matched by AI-powered automation in claims handling.
Additionally, the company’s Safety Intelligence Platform is designed to offer safety alerts, real-time insights and guidance to help fleets manage and reduce risk.
Nirvana Insurance co-founder and CTO Abhay Mitra stated: “By harnessing this data with our suite of specialised AI models – from predictive analytics to large reasoning models – we deliver what matters most: more accurate pricing, faster claims resolution and a dramatically simpler experience for our customers that traditional insurers simply cannot match.”
In 2023, the company secured $57m in a Series B round, preceded by $22m in a Series A round in 2022.
