High Definition Vehicle Insurance (HDVI) has raised $16 million in Series A funding led by 8VC and Munich Re Ventures, with additional participation from Qualcomm Ventures and Autotech Ventures.
The creation of Chuck Wallace, a co-founder of Esurance, and Reid Spitz, a former VC investor in insurtech and logistics, HDVI is wholly focused on delivering a new commercial insurance solution that helps small and mid-size trucking fleets improve their safety, compliance, and operations. HDVI provides fleet operators with an integrated suite of hardware, software and services that helps manage safety, compliance and operations, as well as a next-generation insurance product that rewards fleets and drivers for operating safely.
“Double-digit increases in insurance costs are now common in commercial trucking, making it tough for many fleets to operate profitably,” said Chuck Wallace, CEO and co-founder, HDVI. “There is a lot of technology and data available that is not being taken advantage of that can help address new risks and changing demands. Demand for our product shows there’s a clear industry need for HDVI’s much better approach.”
HDVI will use the funding to scale company growth and expand its product offering to further meet increasing market demand. Specifically, this includes expanding the team, launching into new states and developing additional technology features for agents, fleets and drivers.
