High Definition Vehicle Insurance (HDVI), a Chicago headquartered auto insurance startup serving the small and medium-sized trucking convoys, has secured US$ 32.5 million in a Series B funding round led by Weatherford Capital on 18 August 2021.
Investors: The latest investment round featured Weatherford Capital as the lead investor with participation from Munich Re Ventures, Qualcomm Ventures, 8VC, Autotech Ventures and Daimler Trucks North America. The startup has managed to bag, in total, US$ 48.5 million to date.
Purpose of the funding: The startup intends to deploy the proceeds from the investment round towards introducing new offerings and providing monetary stimulus to its domestic growth plans.
About High Definition Vehicle Insurance
Established in 2017 by Chuck Wallace and Reid Spitz, HDVI aids fleets in reducing insurance costs by offering them all the tools with the required data and coverage, which also assists in improving security, alleviate risk, and enhance efficiency. The startup delivers a unique, pliable insurance offering coupled with robust, simple-to-use instruments to enrich the profitability of commercial convoys. Its product is a suitable choice for a wide range of telematics gadgets. It is offered together with HDVI’s owned data, instruments and other applications. With a monthly premium growth of 30%, HDVI is present in seven states, namely Illinois, Indiana, Minnesota, Ohio, Tennessee, Georgia, and Texas, and seeks to expand in other territories in the near future.
What the Founder has to say: “We are collaborating with a strong and strategic pool of investors present in the insurance, mobility, and transportation and logistics domain. Being global leaders in their particular domains, we believe that our collaborators offer an unequalled global financial support, tactical product enhancement and dispersal chance to bolster our offerings and our target to achieve high growth.”- Chuck Wallace, CEO and Co-Founder of HDVI.
What the Investors have to say: “We were well aware of the potential of HDVI, in a domain which has continued to remain underdeveloped for a while now, on our first acquaintance with them. We have strong faith in HDVI’s progress and believe it has structured a robust base. It is on the road to becoming the standard solution for the upcoming commercial automobile insurance. We trust the founding team, other employees and the startup’s dream, and our exhilarated to aid them in their long-term growth journey.”- Will Weatherford, Managing Partner of Weatherford Capital.
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