Fairmatic, a New York, Bangalore, India and Tel Aviv, Israel-based AI-powered commercial auto insurance company, raised $46M in funding.
The round, which brought its total financing to $88M, was led by Battery Ventures with participation from current investors and Bridge Bank.
The company intends to use the funds to accelerate growth and expand operations.
Founded by CEO Jonathan Matus, Fairmatic is creating a commercial insurance category by delivering a data-driven fleet insurance that rewards safety with savings. With Fairmatic, fleets are incentivized for safer driving and not penalized for unavoidable incidents. Its approach leverages AI-powered technology in combination with deep telematics data to drive meaningful cost savings for fleets by valuing responsible driving leading to safer roads. Its underwriting model has been trained and tested with over 200 billion miles of driving data to help fleets proactively manage safety issues with actionable insights.
FinSMEs
16/03/2023