Fairmatic, a New York and Bangalore, India, and Tel Aviv, Israel-based AI-powered commercial auto insurance company, raised $46 million in new funding, six months after its oversubscribed Series A.
The Series B round was led by Battery Ventures, with participation from current investors and Bridge Bank. This funding brings Fairmatic total financing to $88 million.
Fairmatic is creating a new commercial auto insurance category with its AI-driven underwriting approach that unlocks continuous savings opportunities for fleets.
By providing an easy way to monitor driving events and offering actionable improvement tips, Fairmatic is giving fleets more proactive control over their risk management approach.
"New developments in AI, combined with troves of proprietary driving insights, have allowed Fairmatic to unlock a completely new approach to addressing the most critical questions in commercial auto insurance: which drivers are safe and which aren't; how insurers can help drivers improve safety and reduce risk," said Jonathan Matus, Fairmatic's founder, and CEO. "With this powerful new technology for improving driver behavior, there's a massive opportunity to reframe the problem and solution from first principles. This new funding strengthens Fairmatic's lead in AI innovation geared towards meaningfully improved road safety and profitability."
Following its Series B, Fairmatic is scaling its AI and data-science capabilities by opening a new R&D hub in Israel and tapping seasoned technologist and former NASA researcher, Guy Shaviv, as the new Head of Engineering in Israel.
Company: Straight Up Insurance Services, LLC
Raised: $46.0M
Round: Series B
Funding Month: March 2023
Lead Investors: Battery Ventures
Additional Investors: Bridge Bank
Company Website: https://www.fairmatic.com/
Software Category: AI-powered Commercial Auto Insurance
About the Company: Founded by Jonathan Matus, Fairmatic is creating a new commercial insurance category by delivering the first data-driven fleet insurance that rewards safety with savings. Fairmatic's new 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. The Fairmatic 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.
Source: https://www.fairmatic.com/blog/series-b-46million