US-based trucking insurance startup High Definition Vehicle Insurance (HDVI) received $16m yesterday in a series A round co-led by Munich Re Ventures, the venture capital arm of reinsurance provider Munich Re.
VC firm 8VC co-led the round, which included Qualcomm Ventures, the corporate venturing subsidiary of mobile semiconductor manufacturer Qualcomm, and corporate-backed venture firm Autotech Ventures. The startup has not revealed details of any earlier financing.
Founded in 2018, HDVI offers affordable insurance coverage for commercial trucking fleets in addition to an integrated telematics system incorporating hardware, software and wireless communication technology that is intended to increase driver safety.
The company will use the funding to launch additional products, grow its team, deploy its offering in more US states and develop new technology features.
Amir Kabir, principal at Munich Re Ventures, said: “The powerful combination of the HDVI team, investors and partners helps position HDVI to become a leading provider of commercial trucking services and insurance by transforming the traditional offering and creating unique value and opportunities.
“We are excited to join HDVI on their journey and to help them build on their impressive accomplishments over the past two and a half years.”
HDVI’s chief executive, Chuck Wallace, had previously co-founded online auto and rental insurance provider Esurance in 1999. It was acquired by insurance firm Allstate for about $1bn in 2011.