Fairmatic raises $46 million to bring AI innovation to commercial auto insurance
Fairmatic, a commercial auto insurance company that uses artificial intelligence, announced it had raised $46 million in new funding.
The company was founded by Jonathan Matus, a serial technologist who helped launch Android and Facebook mobile. Fairmatic creates commercial insurance using artificial intelligence-based technology combined with deep telematics data to provide significant savings to fleets by assessing responsible driving, leading to safer roads.
The company's main goal is to make roads safer one fleet at a time. By offering a simple way to monitor driving events and actionable tips for improvement, Fairmatic gives fleets more control over their approach to risk management.
Not long ago, Fairmatic announced it had raised $46 million in new funding, six months after its overbought Series A. As a result, the company's total funding has now reached $88 million. Round B is led by Battery Ventures, with participation from current Foundation Capital investors, Aquiline Technology Growth and insurtech, fintech and technology investors including Jerry Young, Oren Ziv and Bill Tye.
The Series B financing gives Fairmatic the opportunity to expand its capabilities in artificial intelligence and data science and open a new R&D center in Israel. They are appointing an experienced technologist and former NASA researcher, Guy Shaviv, who built mobile devices at Nexar and has experience managing product innovation and engineering strategies on a global scale, as the new head of engineering for this.
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