New York, USA-based insurtech company serving commercial automotive fleets, OpenEyes, raised USD 18 million in a Series A round. The round took place on February 14, 2023. Global software investors Insight Partners and Pitango First led the financing for the company. MoreVC also participated in the funding.
With the recent funding, the company’s total financing stands at USD 23 million and has now entered into stealth mode.
Purpose of funding for OpenEyes
With the latest capital injection, OpenEyes seeks to fuel the development of its cutting-edge technology. Meanwhile, the company intends to ramp up its hiring operations. It plans to hire additional team members to support its increasing US operations.
What the company’s official has to say
Yoav Oron, Co-Founder and CEO of OpenEyes, said, “Large numbers of accidents and high costs of claims in commercial fleets are leading to ever-increasing premiums on commercial auto insurance, making it difficult for the fleet to afford coverage and maintain operational efficiency. In addition, insurance companies have been losing money for years paying out accident claims, and little or nothing is being done to address and reduce the core risks. Instead, carriers raise premiums each year to cover the ever-increasing costs of accidents.”
Oron further said, “This broken market dynamic is particularly difficult in a recessionary environment and, moreover, it disregards the human cost and impact of these accidents. Truckers and bus drivers are the essential workers that power the American economy, and without proper insurance that leverages technology to reduce accident frequency and severity, their families can suffer dearly after an accident. Since our launch two years ago, we have witnessed first-hand how OpenEyes’ solution lowers the insurable risk and the cost of claims, but more importantly, we have seen accidents reduced and lives saved. We look forward to using the proceeds of our recent round to bring this to more customers in the North American market.”
In addition, co-founder and CTO Dr Omry Sendik said, “We set out to turn the tables on insurance losses by equipping fleets, insurance partners and ourselves with a pair of eyes. Our goal is to become the first insurance company that is actively reducing accidents and saving lives while saving money.”
What the investors have to add
Daniel Aronovitz, Principal at Insight Partners, said, “OpenEyes provides a novel one-stop-shop solution that enables fleets to truly understand their source of risk, from both the fleets’ as well as the insurers’ perspective. This precise understanding allows OpenEyes to power their underwriting, driver coaching and prevention, and claims handling. We look forward to partnering with OpenEyes as the company continues to grow.”
In addition, Eyal Niv, Managing Partner at Pitango First, said, “OpenEyes leverages cutting edge full-stack technological solution to fundamentally alter the risk model of commercial fleets insurance. The integration between In-vehicle technology and insurance creates a new experience for fleet owners. In the intersection between technology and InsureTech-play, the company’s proprietary solution increases driver safety and collision avoidance while providing a faster and more accurate claim management process.”
Besides, Jack Levy at MoreVC said, “When we met the OpenEyes founders in the dark days of the Covid pandemic in February of 2020, we knew that they had the core values and product direction to bring light and relief to one of the largest insurance markets in the world. We are incredibly proud to have led their seed round and excited to continue to support their mission-driven approach that has already saved many lives and brought much-needed financial relief and a better experience to their customers.”
About the company
Yoav Oron (CEO), Dr Omry Sendik (CTO) and Dan Charash (Chairman) launched the Insurtech Startup in 2020. OpenEyes is partnering with leading insurance veterans as well as driving safety professionals to ensure it provides the best possible product.
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