US-based automotive insurance provider Metromile picked up $90m yesterday in a series E round yesterday co-led by insurance companies Tokio Marine and Intact Financial.
The Australian government’s Future Fund also took part in the round, along with venture capital firms Section 32, New Enterprise Associates (NEA) and Index Ventures.
Founded in 2011, Metromile provides users with car insurance through an online platform, charging according to the distance a vehicle travels. It has also built an app that provides insights into how to drive more efficiently and enables drivers to access detailed vehicle diagnostics.
The company has additionally launched an artificial intelligence-based claims system called Ava that verifies and pays out claims within seconds by reconstructing the events leading up to an accident using data collected by integrated sensors.
Metromile will use the series E funds to extend its use of sensors and automation in order to further simplify the claims process. It is also looking to expand its coverage from the six US states in which it currently operates to the rest of the country.
The company raised a total of $191m from investors including diversified conglomerate Mitsui, insurer China Pacific and insurance and financial services provider Intact Financial across three rounds between 2014 and 2016, when the funding was collectively disclosed.
Index Ventures, NEA, First Round Capital, SV Angel, private investor Mark Cuban and Metromile founder David Friedberg also contributed to the above rounds.
AmTrust Ventures, a subsidiary of insurance group AmTrust Financial Services, took part in Metromile’s $10m series B round in 2013 alongside Felicis Ventures, Allen and Company, NEA, Index, First Round and SV Angel. The latter four also backed its $4m series A round in 2012.