High Definition Vehicle Insurance Group is planning new products and a national expansion, following $32.5 million in new venture funding.
HDVI is an InsurTech MGA focused on commercial auto insurance. The Illinois-based startup attracted a number of backers for its Series B round. Weatherford Capital led the financing, with new investors Daimler Trucks North America and McVestCo also participating. Existing investors
Munich Re Ventures, 8VC, Autotech Ventures and Qualcomm Ventures joined the new round as well.
“HDVI is partnering with the very top investors and strategic partners across the insurance, mobility, and freight and logistics industries,” Chuck Wallace, CEO and co-founder of HDVI, said in prepared remarks. “And as worldwide leaders in their respective industries, our partners provide unmatched global financial power and strategic product development and distribution opportunities to support this innovation as we build HDVI.”
Wallace, a co-founder of Esurance (now absorbed by Allstate), launched HDVI in Chicago in 2018, along with co-founder Reid Spits, a former investor at 8VC who was focused on InsurTech and logistics.
Previously HDVI raised $16 million in August 2020.
With insurance backed by Munich Re Specialty Insurance, HDVI’s business plan involves providing fleets with the data, tools and coverage needed to reduce insurance costs, increase safety, mitigate risk and improve efficiency.
HDVI is expanding its product portfolio with the addition of HDVI Shift, trucking insurance coverage that allows fleets to save up to 12 percent on their monthly premium based on real-time driver safety, according to the company. HDVI Shift is compatible with a wide range of telematics devices and is provided to fleets alongside HDVI’s proprietary data, software tools and apps. Fleet managers are empowered with real-time safety insights through the fleet portal, while drivers are engaged with safety and other valuable information through the HDVI Driver+ mobile app, HDVI said.
HDVI is currently available in seven states, including Illinois, Indiana, Minnesota, Ohio, Tennessee, Georgia, and Texas, and is entering additional states rapidly.