Mile Auto, which leverages computer vision and decision analytics to offer affordable insurance, has secured $10.3m in its seed funding round.
Ulu Ventures, Emergent Ventures, Thornton Capital and Sure Ventures all joined the seed round.
Capital from the round will be used to grow the reach of its insurance, with it hoping to reach half of the US insurance market by the end of the year. Mile Auto also plans to hire more staff, add new distribution channels, onboard white-label partners and expand its automaker network.
Alongside the funding round, Mile Auto has announced a partnership with Ford Motor Company to save Ford owners on auto insurance rates.
Mile Auto utilises computer vision and machine learning technologies to collect and validate odometer data without needing extra hardware, mobile apps or GPS tracking. This data is then used to let consumers only pay for how much they use their vehicle.
The InsurTech is currently available in Arizona, Georgia, Illinois and Oregon, with plans to launch in additional states over the next six months.
Ulu Ventures CEO and co-founder Miriam Rivera said, “The auto insurance industry has operated decades behind other industries that have undergone digital transformation. Today it is at a pivotal juncture where innovation is finally unlocking cost savings for consumers.
“Mile Auto’s data-driven approach to insuring an underserved segment, lower-mileage drivers, is exactly what the market needs right now. We place a high value on transparency, values and vision, and we believe that Mile Auto’s founding team of serial entrepreneurs can have a great impact on the industry.
“This is demonstrated by innovative partnerships they’ve struck, like the one they are announcing today with Ford. This is why we invested early, and we’re excited to be a part of the company’s journey as they grow.”
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