Announcing our $57M Series B to Further Re-invent Commercial Insurance
Rushil Goel, Abhay Mitra, Alex Carges
October 17, 2023
Since launching Nirvana, we've been pushing the boundaries of commercial insurance, helping businesses save through smarter, safer, data-driven solutions. Today, we are thrilled to announce a significant milestone for our company and mission—$57 million in Series B funding to drive our next phase of growth. Despite one of the most challenging funding environments ever, our strong position and unprecedented growth has led our investment partners to pre-emptively double down on Nirvana and our vision. We're incredibly grateful to have the experts at Lightspeed Venture Partners, General Catalyst, and Valor Equity Partners by our side.
This investment helps us expand our commitment to businesses, like trucking companies, that form the backbone of our economy. Today, these companies face compounding challenges. Amidst rising costs, fleets are operating on razor-thin margins, with the American Transportation Research Institute reporting the cost of operating a truck has reached an all-time high— up more than 20% in the last year.
Fuel costs have risen a whopping 57%, among other operational costs like insurance premiums, with double digit increases being seen across some lines of coverage. In the face of falling freight rates, fleets are struggling as the market adjusts to post-pandemic activity. All this while trying to protect their business from catastrophic accidents that result in business-threatening litigation and sky-high settlement costs. There are no shortcuts when it comes to safety, but by leveraging technology, we're helping fleets improve safety and save up to 20% on their insurance premiums.
Leveraging next-gen AI and ML capabilities for tailored coverage
When we founded Nirvana in 2021, we took on the challenges of reimagining how commercial insurance is underwritten, rebuilding an archaic industry. By leveraging the power of trillions of IoT data points derived from telematics, we developed predictive models that help fleets obtain world-class insurance tailored to actual risk, with better rates, fast quotes, and proactive protection. We've received an incredible response from our partners, helping to fuel our rapid growth.
Today, we've already optimized our predictive models using 15 billion miles of driving data and we’re accelerating learning and refinement at an unprecedented pace. We're at the forefront of modern risk assessment, evidenced by our industry-leading loss ratios. Our recent investment helps us stay on the leading edge of machine learning models for selection and pricing, passing along even more savings as we grow.
Investing in efficiency and transparency for agents
Our agency partners have helped take Nirvana to new heights, and we're investing even more in our shared success. Since inception, we've focused on building an unrivaled experience for our partners, enabling end-to-end digital application management, lighting-fast turnaround times, and safety tools like our Safety Platform that helps agents stand out as trusted advisors for their customers. We'll continue cultivating a best-in-class platform experience for our partners, further improving speed, self-serve capabilities and transparency, helping agents place coverage faster than ever.
It's also about expertise. Every quote at Nirvana is tailored to the fleet by our veteran underwriters with decades of transportation experience, and we're expanding our team to continue to provide the personalized, collaborative underwriting experience that helps us win more together.
Building the next generation of claims management and risk management
Helping fleets combat rising costs and get more for their insurance dollars requires a multi-faceted approach, and we're on a mission to help them take control of risk and scale their businesses. Our recent funding enables us to enhance and expand our already A-rated coverage, provide a wider range of products, and innovate faster to create even more value for our customers.
Claims management is a critical part of the insurance experience and we’re investing more in the end-to-end experience for fleets— from FNOL to payments. In the event something goes wrong, our mission is to provide a smooth experience that gets drivers back on the road as fast as possible. Leveraging safety data from telematics, dash cameras and more, we’re able to help fleets report, track and resolve claims faster than ever and protect drivers from fraud. Our recent infusion allows us to enhance our technology-driven experience with more reporting tools and enhanced service.
We've received an incredible response from our fleet partners on the value our Safety Program has delivered for their operations, and we’ll continue to invest in this program as a critical resource for our customers to help them meet their safety goals. Fleets that engage with our Safety Program, such as HBM Express and Five Star Trucking, see double-digit improvements in their risk profile, paving the way for fewer incidents and lower premiums at renewal. Helping our customers leverage actionable insight from their safety data is core to our mission and we’re enhancing our safety monitoring software and expanding our safety management team to meet growing demand from our customers.
Our team is dedicated to building a world-class customer experience and we’re just getting started. We can't wait to bring more risk-tailored solutions to our customers that make a real impact on their operations.
Rushil Goel, Alex Carges, Abhay Mitra
The road ahead
Our recent Series B funding is not only a testament to our performance and commitment to customers but a catalyst for continued innovation. In the coming weeks and months, we're further enhancing our product development and underwriting process, making new investments in our AI and ML capabilities, and scaling our customer-facing teams to serve more fleets in more markets.Nirvana Secures $57M in Series B Funding to Expand Its IoT-based Commercial Insurance Platform and AI-Powered Safety Program for Fleets