Avinew pulls in $5m seed round as it prepares for a market launch

Avinew, an auto insurance platform for autonomous and semi-autonomous vehicles, has raised $5m in seed funding.

The capital injection was led by Crosscut, with participation also coming from American Family Ventures, Draper Frontier, and RPM Ventures.

California-based Avinew is looking to launch its insurance app later in the year in a number of US states.  A pair of proof-of-concept pilots were conducted with two insurers, one of which was conducted with Tesla’s Autopilot function.

Its insurance platform offers insurance policies for autonomous and semi-autonomous vehicles, both on the consumer and business side. Current vehicles available for cover include Tesla, Mercedes, Ford, GM, Nissan, Audi, Volvo, with more in the pipeline.

The company uses driving data, AI and machine learning technology to offer the best insurance prices and coverage.

In addition to this funding, the InsurTech has named former Tesla head of global business development Jeremy Snyder as its new COO.

Avinew founder and CEO Dan Peate said, “The cars we drive are changing, and there’s a huge opportunity for auto insurance to change as technology helps our cars and roads become safer. Our goal is to enable the safety, savings, and freedom that come with autonomous driving. We believe providing consumers with insurance solutions that incentivize them to use features like Autopilot, Super Cruise, Co-Pilot 360, and ProPILOT Assist will make the roads safer for all of us.”

Last week, fellow auto insurance platform Clearcover pulled in $43m in its Series B round of funding. The online insurance company was backed by firms including Cox Enterprises, American Family Ventures, IA Capital Group, and is hoping to use the capital to boost expansion across the US.

Copyright © 2019 FinTech Global

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