Fairmatic, a startup that uses artificial intelligence (AI) to make commercial auto insurance more accessible and affordable, has raised $46 million in Series A funding. The round was led by Index Ventures with participation from existing investors including Y Combinator, SV Angel, and others.
The company plans to use the new funds to expand its product offerings and grow its team of AI experts. Fairmatic is also looking into developing additional products for businesses such as fleet management solutions and driver safety programs.
“We are thrilled to have closed our Series A financing round with Index Ventures leading the way,” said Fairmatic CEO David Kestenbaum. “This investment will help us accelerate our mission of making commercial auto insurance more accessible and affordable for small business owners.”
Founded in 2020, Fairmatic provides an AI-powered platform that helps small business owners find the best coverage at the lowest cost possible. It does this by analyzing data points such as driving history, vehicle type, location information, credit score, age of drivers and other factors when calculating premiums for customers. This allows them to get tailored quotes quickly without having to go through multiple carriers or brokers manually searching for policies that fit their needs.
In addition to providing better rates on commercial auto insurance policies than traditional providers can offer due to its automated process , Fairmatic also offers features like real-time tracking of policy changes so customers can stay up-to-date on their coverage status . This makes it easier for them manage their policies without having worry about missing important updates or deadlines .
The startup has seen rapid growth since launching just two years ago , signing up over 10 thousand customers across all 50 states . Its customer base includes both individuals who own one car as well as larger companies with fleets of vehicles . With this latest round of funding , Fairmatic is now positioned even better serve these clients while continuing develop innovative products that make managing commercial auto insurance simpler than ever before .
At a time when many businesses are struggling financially due to the pandemic , finding ways save money wherever possible is essential – which is why services like those offered by Fairmatic are becoming increasingly popular among entrepreneurs looking reduce costs while still getting quality protection against potential risks associated with owning a vehicle or running a fleet operation . By leveraging AI technology , they can do just that – giving them peace mind knowing they’re covered no matter what happens down road .
TechCrunch
