Next-generation commercial auto insurer High Definition Vehicle Insurance (HDVI) has raised $16 million in Series A funding led by Munich Re Ventures and 8VC.
Founded in 2018, HDVI is focused on delivering new commercial insurance solutions that help small and mid-size trucking fleets improve their safety, compliance, and operations.
The company provides fleet operators with an integrated suite of hardware, software, and services, as well as a next-generation insurance product that rewards fleets and drivers for operating safely.
“Double-digit increases in insurance costs are now common in commercial trucking, making it tough for many fleets to operate profitably,” said Chuck Wallace, CEO and co-founder, HDVI.
“There is a lot of technology and data available that is not being taken advantage of that can help address new risks and changing demands. Demand for our product shows there’s a clear industry need for HDVI’s much better approach.”
HDVI says it will use the funding to scale company growth and expand its product offering to further meet increasing market demand.
Specifically, this includes expanding the team, launching into new states, and launching additional technology features for agents, fleets, and drivers.
