Even as the world becomes more digital, trucking remains as relevant as ever. E-commerce companies rely on freight companies to get goods from warehouses to customers’ doorsteps, and logistics plays a vital role in the global supply chain. And if trucking plays an important role in today’s economy, trucking insurance is important too.
On Wednesday, Chicago-based insurtech startup High Definition Vehicle Insurance announced that it raised $32.5 million in a Series B funding round. Weatherford Capital led the Series B, which comes just a year after HDVI raised its $16 million Series A.
While trucking insurance is nothing new, what differentiates HDVI is its tech-based approach. The company’s platform is built on algorithms that can provide specific and real-time safety insights, while using telemetric devices and sensors to collect information. All this data allows HDVI to provide a dynamic insurance rate where trucking companies can save money on their monthly premiums.
The HDVI platform also has a handful of other features that add value for trucking companies and fleet managers, like the ability to recruit truck drivers, and insights and info management systems in order to help the company retain those drivers.
“HDVI is partnering with the very top investors and strategic partners across the insurance, mobility and freight and logistics industries,” HDVI CEO and co-founder Chuck Wallace said in a statement. “HDVI Shift and Driver+ are just the first of many coverage and product innovations HDVI will bring to the industry. 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.”
This new Series B funding will allow HDVI to develop new products in order to grow its platform. It will also use some of the funding to grow on a national scale. HDVI currently operates in Illinois, Indiana, Minnesota, Ohio, Tennessee, Georgia and Texas, but the company says that it’s expanding into new states rapidly.
“When we first met with HDVI, we knew they were innovators in a space that has been stagnant for too long,” Will Weatherford of HDVI investor Weatherford Capital said in a statement. “We believe HDVI has built a strong foundation and are quickly moving to become the industry standard for the future of commercial vehicle insurance. We are confident in their leadership team, their people and their vision, and we’re looking forward to supporting their long-term growth.”
