High Definition Vehicle Insurance (HDVI) Group Announces $32.5 Million in Series B Funding, Fueling New Products and Growth
The following is a copy of an article published on PR Newswire on August 18, 2021. The full article can be found here.
High Definition Vehicle Insurance (HDVI) Group, the leader in commercial auto insurance technology and product innovation with an initial focus on trucking, today announced that it has raised $32.5 million in Series B funding. The round was led by Weatherford Capital, with new investors Daimler Trucks North America and McVestCo, and continued participation from Munich Re Ventures, 8VC, Autotech Ventures and Qualcomm Ventures LLC. The funds will be used for the continued development of new products and to fuel the growth of the company on a national scale.
With insurance backed by the carriers that are part of Munich Re Specialty Insurance, HDVI provides fleets with the data, tools and coverage needed to reduce insurance costs, increase safety, mitigate risk and improve efficiency.
HDVI is expanding its product portfolio with the addition of HDVI Shift, the dynamically priced trucking insurance coverage that allows fleets to save up to 12% on their monthly premium based on real-time driver safety. HDVI Shift is compatible with a wide range of telematics devices and is provided to fleets alongside HDVI's proprietary data, software tools and apps. Fleet managers are now empowered with real-time safety insights through the fleet portal, while drivers are engaged with safety and other valuable information through the HDVI Driver+ mobile app.
"HDVI is partnering with the very top investors and strategic partners across the insurance, mobility, and freight and logistics industries," said Chuck Wallace, CEO and co-founder of HDVI. "HDVI Shift and Driver+ are just the first of many coverage and product innovations HDVI will bring to the industry. And as worldwide leaders in their respective industries, our partners provide unmatched global financial power and strategic product development and distribution opportunities to support this innovation as we build HDVI."
In 2020, HDVI raised $16 million in Series A funding led by 8VC and Munich Re Ventures with participation from Qualcomm Ventures and Autotech Ventures. With written premium growing 30% per month, HDVI is currently available in seven states, including Illinois, Indiana, Minnesota, Ohio, Tennessee, Georgia, and Texas, and is entering additional states rapidly.
"When we first met with HDVI, we knew they were innovators in a space that has been stagnant for too long," said Will Weatherford, Managing Partner of Weatherford Capital. "We believe HDVI has built a strong foundation and are quickly moving to become the industry standard for the future of commercial vehicle insurance. We are confident in their leadership team, their people and their vision, and we're looking forward to supporting their long-term growth."
"The rising cost of insurance is a significant pain point for our fleet customers today, and providing better insurance solutions that are truly integrated with vehicle ownership life cycles and usage is an important initiative for Daimler Trucks North America and Daimler Truck Financial Services," said Richard Howard, president and CEO of Daimler Truck Financial Services North America & Asia. "HDVI's unique approach to insurance demonstrates their commitment to bringing fleets the technology, data and services they need to improve their business operations and impact their bottom lines. We look forward to working with HDVI to bring innovative connected insurance solutions and more to Daimler Trucks customers and the broader transportation industry."
About HDVI Group
HDVI provides fleets with the data, tools and coverage needed to reduce insurance costs, increase safety, mitigate risk, and improve efficiency. The company provides commercial fleets with an innovative, flexible insurance product alongside powerful, easy-to-use tools to help them improve safety, compliance, and profitability. HDVI is headquartered in Chicago, Illinois, with additional offices in Greenville, South Carolina, Austin, Texas, and San Francisco, California. High Definition Vehicle Insurance, Inc. is a licensed property casualty insurance agent with products underwritten by various insurance companies. For more information, visit http://www.hdvi.com/.
About Weatherford Capital
Weatherford Capital is a family-owned private investment firm founded in 2015 with offices in Tampa and Dallas. The team has over 45 years of investment experience conducting over 70 transactions across the globe. Weatherford Capital makes growth equity investments in rapidly growing companies with people who share the firm's commitment to excellence, integrity, faith, family, and community. Weatherford Capital's portfolio includes leading B2B and B2G software companies with an emphasis on government technology (GovTech), insurance technology (Insurtech), and finance technology (FinTech). For more information, visit www.weatherfordcapital.com.
About Daimler Trucks North America and Daimler Truck Financial Services
Daimler Trucks North America LLC, headquartered in Portland, Oregon, is the leading heavy-duty truck manufacturer in North America. Daimler Trucks North America produces and markets commercial vehicles under the Freightliner, Wester Star and Thomas Built Buses nameplates. Daimler Trucks North America is a Daimler company, the world's leading commercial vehicle manufacturer.
Daimler Truck Financial Services USA LLC is the captive financial services provider for the Daimler Trucks North America family of commercial vehicle products, including Freightliner Trucks, Western Star, SelecTrucks, Sprinter Vans, Thomas Built Buses and Fuso. It is part of the Daimler Truck AG group of companies, headquartered in Stuttgart, Germany.
