AXA is an investor in a $20 million fundraising round for Idelic, a Pittsburgh-based InsurTech startup that produces commercial trucking analytics plus driver management products and services.
Highland Capital Partners led the Series B round. Beyond Highland and AXA (which invested through its AXA Venture Partners arm), previous investors Birchmere Ventures, Origin Ventures, TDF Ventures, and SaaS Venture Capital also participated. As well Highland’s Craig Driscoll will join Idelic’s Board of Directors.
Idelic pitches its software as helping to make trucking safer and more efficient by preventing accidents, reducing driver turnover, lowering insurance costs, and saving lives. Safety Suite – Idelic’s signature product – is a driver management platform that integrates data from multiple technology sources into a single system of record designed to enhance workflows and provide fleet analytics. Safety Suite uses machine learning to turn fleet data into predictive insights that enable fleets to efficiently manage their entire safety operation and identify at-risk drivers before a crash occurs.
AXA is a big player in the commercial transportation insurance space.
Carnegie Mellon University graduates Hayden Cardiff (co-CEO), Nick Bartel (co-CEO), and Andrew Russell co-founded Idelic.
“Raising our Series B will enable us to reinvent how the transportation industry underwrites driver risk and evaluates the fleets they insure,” Co-CEO Hayden Cardiff said in prepared remarks.
Idelic plans to use the new funding to bolster its engineering and data science teams. Sales and marketing operations will also expand to reach new fleet segments that will benefit from the full-spectrum of driver management and operational analytics that Safety Suite provides.