Nirvana Insurance coverage, a California-based AI-driven business trucking insurer, has raised US$80 million in a Collection C funding spherical, valuing the corporate at practically US$850 million.
The spherical was led by Common Catalyst, with continued backing from Lightspeed Enterprise Companions and Valor Fairness Companions.
The funding follows a 12 months wherein Nirvana exceeded US$100 million in premiums, greater than doubling its income.
The corporate plans to make use of the funding to broaden and additional develop its AI-driven business fleet insurance coverage expertise.
Nirvana integrates IoT information from telematics units in business fleets, having analysed over 20 billion miles of real-world driving.
Its AI fashions assess danger, worth insurance policies, course of claims, and enhance customer support.
CEO Rushil Goel said:
“Nirvana is redefining the insurance coverage expertise with AI that enables us to higher perceive the real-world danger every fleet presents. This funding allows us to scale our impression, making certain fleets have entry to personalised, real-time insurance coverage options that reward security. It’s a fairer strategy for fleets and a extra worthwhile mannequin for an insurance coverage provider.”
The corporate claims its AI-powered automation streamlines claims dealing with, reduces administrative burden, and hurries up resolutions.
Common Catalyst CEO and Managing Director, Hemant Tanej, described the insurance coverage business as outdated and in want of technological change.
“Nirvana is demonstrating a groundbreaking mannequin, harnessing information at scale and constructing AI across the advanced steps of offering business insurance coverage from citation by way of to claims.”
Featured picture credit score: edited from freepik
