Mile Auto, an Atlanta, GA-based insurtech company, secured $10.3m in seed funding.
Backers included Ulu Ventures, Emergent Ventures, Thornton Capital, and Sure Ventures.
The company intends to use the funds to expand availability of its insurance offering to half of the U.S. auto insurance market by the end of 2021, as well as hiring, adding new distribution channels, onboarding of white-label partners, and expanding its automaker network.
Led by Fred Blumer, CEO, Mile Auto uses computer vision and decision analytics to collect and validate odometer data without the need for extra hardware, mobile apps or GPS tracking and offer car insurance options based on mileage to low-mileage drivers . Currently, Mile Auto is available in Arizona, Georgia, Illinois and Oregon, with plans to expand into additional states within the next six months.
The company also announced a partnership with Ford Motor Company for Ford owners to get auto insurance. This deal follows a similar program with Porsche Financial Services launched in 2019.
FinSMEs
24/05/2021