High Definition Vehicle Insurance Announces $40 Million Fundraise, Expanded Reinsurance Capacity and New Leadership Roles

Reinsurance Capacity Grows with Added A+ Rated Partners

CHICAGO, Feb. 12, 2025 /PRNewswire/ -- High Definition Vehicle Insurance (HDVI), a technology-driven commercial auto insurance provider, has secured $40 million in growth capital, bringing its total funding to over $87 million. The round, co-led by existing investors 8VC, Autotech Ventures, Munich Re Ventures, and Weatherford Capital, will support the enhancement of HDVI's telematics-driven products, expanded coverage, and improved tools for insurance agents as the company scales nationwide.

"HDVI's innovative use of real-time telematics is reshaping commercial trucking insurance," said Will Weatherford, managing partner at Weatherford Capital. "This latest fundraise underscores the confidence we have in HDVI's leadership and ability to deliver profitable growth." 

Following this funding round, Alexei Andreev of Autotech Ventures and Jake Medwell of 8VC will join HDVI's Board of Directors, alongside existing members Jacqueline LeSage of Munich Re Ventures, Will Weatherford, and HDVI's Reid Spitz and Chuck Wallace.

HDVI also announced key leadership transitions. After seven successful years as CEO, co-founder Chuck Wallace will become a strategic advisor and continue supporting the company's long-term vision. Co-founder Reid Spitz, appointed president in January 2024 to prepare for this shift, will now serve as CEO and guide HDVI's next phase of profitable growth.

"With the infusion of capital, HDVI is well positioned to continue leading the industry in leveraging technology in commercial auto insurance," said Spitz. "Our team remains committed to continued innovation using telematics and other data sources along with new AI tools throughout the commercial auto policy lifecycle to drive risk reduction and efficiency at scale."

Wallace added: "I look forward to supporting my co-founder Reid in his new role. Reid is the right person to lead HDVI as it continues its strong growth and innovation in the future." 

Reinsurance Capacity Expanded with Addition of New A+ AM Best Rated Reinsurers

To support its growth strategy, HDVI has expanded its reinsurance panel to include some of the world's largest and most financially secure reinsurers. This expansion diversifies HDVI's reinsurance support and increases HDVI's underwriting capacity to meet the rising demand for its data-driven insurance solutions.

"We're excited to have the backing of global leaders in reinsurance who chose to partner with HDVI due to our preeminent use of telematics in underwriting and data-driven approach," said Chief Underwriting Officer Adam Barnett. "Their support strengthens our ability to protect insureds and serve the increasing demand for innovative transportation insurance."

Telematics-Driven Growth and Performance 

The company's flagship product, HDVI Shift™, leverages telematics to help customers reduce risk and save up to 20% upfront and on monthly premiums based on safety performance.

In 2024 alone, HDVI customers logged nearly one million miles of safe driving daily and saved $3.2 million, triple the previous year's savings.

"We've harnessed over 7.5 billion miles of telematics data to enhance our understanding of risk models, refine our pricing models and underwriting process, and improve how we manage claims in-house to deliver a more streamlined, efficient, and customer-centric experience," said Spitz. "These insights allow us to be highly price competitive while attracting fleets that prioritize safety and operational efficiency."

Since the launch of HDVI Shift in 2021, HDVI has experienced significant, sustained growth, achieving a 107% compound annual growth rate (CAGR) and a loss ratio well below the industry average.

Improved Safety Modeling

HDVI has revised pricing and underwriting, enhancing traditional methods with approaches that base premiums on actual driving behaviors. This results in fairer, more personalized pricing.

HDVI's telematics models also continue to improve. In addition to leveraging telematics, HDVI integrates data from the Federal Motor Carrier Safety Administration and other sources to enhance risk assessment and pricing. Nearly 90% of customers see safety improvements within their first policy term.

About HDVI 

HDVI is a technology-first commercial auto insurance provider. The company assesses risk using historical and real-time telematics data and provides tools and services that help fleets increase safety, reward safe driving, and benefit from efficient and fair claims processing. HDVI is headquartered in Chicago with additional offices in Greenville, South Carolina, and Columbus. High Definition Vehicle Insurance, Inc. is a licensed property casualty insurance agent with products underwritten by various insurance companies. For more information, visit https://hdvi.com.

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SOURCE High Definition Vehicle Insurance (HDVI)