FairmaticThe Series A funding for $42M was raised by, an Israeli-based commercial auto insurance company with offices in New York, Bangalore, India, and Tel Aviv.
Foundation Capital and Aquiline Technology Growth led the round. Yahoo co-founder Jerry Yang, an Israeli-American investor Orenzeev and Assaf Wand, co-founders of Hippo Insurance; as well as Bill Tai, an entrepreneur and multiple unicorn investor. Foundation Capital’s Charles Moldow, also joined the Fairmatic board.
The company plans to use the funds for growth and expansion.
Fairmatic’s President of Insurance Jamie Trish and CEO Jonathan Matus are leading the delivery of data-driven fleet insurance. This rewards safety with savings. The company’s approach leverages AI-powered technology in combination with troves of telematics data to create meaningful cost savings for fleets, safer roads for society and a profitable business model. Fairmatic’s underwriting model has been trained and tested with over 200 billion miles of driving data to help fleets proactively manage safety issues with actionable insights.
Alongside Trish and Matus, Fairmatic’s C-suite also includes Ed Ford, former Chief Actuary of Progressive Insurance, and Brian Specht who led partnership growth at cybersecurity insurtech unicorn Coalition.