OpenEyes, an InsurTech company serving commercial automotive fleets, has emerged from stealth with $18m in Series A funding.
The round was led by global software investor Insight Partners and Pitango First, with participation by MoreVC, which led the seed round together with Pitango First.
OpenEyes offers commercial automotive insurance to a variety of fleets. The company aims to offer more competitive rates by reducing the frequency and severity of traffic accidents.
The InsurTech’s technology enables fleet managers and safety officers to identify the sources of risk in their fleet, empowering them to implement practices that reduce the frequency of accidents.
The National Highway Traffic Safety Administration (NHTSA) estimated that the number of people who died in motor vehicle traffic crashes in 2021 increased by 10.5% from 2020, the highest numbers of fatalities since 2005 and the largest annual percentage increase in history. In addition, OpenEyes said that studies by NHTSA show that large truck crashes are roughly three times more likely to result in injuries when compared to passenger vehicles.
OpenEyes said it will use the funding to fuel the development of its cutting-edge technology and to hire additional team members to support its increasing US operations. To date, OpenEyes has raised a total of $23m.
Yoav Oron, co-founder and CEO, said, “Since our launch two years ago, we have witnessed first-hand how OpenEyes’ solution lowers the insurable risk and the cost of claims, but more importantly, we have seen accidents reduced and lives saved. We look forward to using the proceeds of our recent round to bring this to more customers in the North American market.”
Eyal Niv, managing partner at Pitango First, added, “OpenEyes leverages cutting edge full stack technological solution to fundamentally alter the risk model of commercial fleets insurance. The integration between In-vehicle technology and insurance creates a new experience for fleet owners.”
Last year, Akur8, a next generation insurance pricing solution, was selected by High Definition Vehicle Insurance (HDVI), to support the development of telematics-based insurance models
Copyright © 2023 FinTech Global
