High Definition Vehicle Insurance (HDVI), a technology-driven commercial auto insurance provider, has raised $40m in growth capital, bringing its total funding to over $87m.
The funding round was co-led by existing investors 8VC, Autotech Ventures, Munich Re Ventures, and Weatherford Capital, according to InsurTech Insights.
The capital injection will support HDVI’s efforts to enhance its telematics-driven insurance products, broaden coverage, and improve tools for insurance agents as the company scales its operations across the US.
HDVI leverages real-time telematics data to offer dynamic commercial auto insurance solutions tailored to the trucking industry. By integrating data analytics and artificial intelligence, the firm aims to help fleet operators mitigate risk, reduce costs, and improve overall safety on the roads.
The newly raised capital will enable HDVI to expand its product offerings and continue refining its use of telematics and AI-driven solutions. Additionally, the company plans to develop new tools for insurance agents to enhance efficiency and customer service.
As part of the funding announcement, HDVI has confirmed leadership changes. Co-founder Chuck Wallace, who has served as CEO for the past seven years, will transition into a strategic advisory role. Reid Spitz, who was appointed president in January 2024, will now take over as CEO, steering the company’s next phase of growth.
“HDVI’s innovative use of real-time telematics is reshaping commercial trucking insurance,” Weatherford Capital managing partner Will Weatherford said. “This latest fundraise underscores the confidence we have in HDVI’s leadership and ability to deliver profitable growth.”
“With the infusion of capital, HDVI is well positioned to continue leading the industry in leveraging technology in commercial auto insurance,” HDVI CEO Reid Spitz said. “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.”
Following the investment, Alexei Andreev of Autotech Ventures and Jake Medwell of 8VC will join HDVI’s board of directors. They will serve alongside existing members Jacqueline LeSage of Munich Re Ventures, Will Weatherford, and HDVI’s Reid Spitz and Chuck Wallace.
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