Nirvana Insurance, a technology-driven commercial fleet insurance platform, has announced the public launch of its services.
Nirvana’s launch comes close on the heels of its $22m Series A funding round, taking the total funds raised to over $25m.
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Lightspeed Venture Partners led the round, which was joined by General Catalyst, Elad Gil, Instacart CEO Fidji Simo, Newfront CEO Spike Lipkin and Vouch CEO Sam Hodges among others.
Nirvana will use the proceeds to scale its operations, increase headcount and invest in research and development to expand its portfolio of products and services.
Founded in early 2021, it uses telematics data from sensors on trucks to help trucking fleets mitigate risk, improve driver performance, cut costs, and streamline the insurance process.
Nirvana CEO and co-founder Rushil Goel said: “The analogue approach to issuing insurance to commercial fleets is fundamentally broken. The process is confusing, slow, and comes at a high productivity and financial cost.”
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By GlobalDataNirvana’s platform connects data points from telematics and AI-powered dash cams and other sources such as the department of motor vehicles to offer quotes.
Nirvana’s bespoke machine-learning algorithms assess factors such as location, video, erratic driving, speed, weather, and traffic.
The insurance policies issued by Nirvana are also usage-based, therefore customers only pay for how much they drive.
Lightspeed Partners partner Raviraj Jain said: “Rapidly rising premiums in commercial fleet insurance are causing trucking businesses to shut down. Nirvana is bringing next-generation, data-driven insurance to the commercial fleet world by helping them operate not only more safely as business owners, but leverage that safety to positively impact customers and beyond.”
