Nirvana Insurance Secures $80M Series C to Revolutionize Commercial Trucking Insurance with AI

Nirvana Insurance Secures $80M Series C to Redefine Commercial Insurance with AI

Enter your email to get Benzinga's ultimate morning update: The PreMarket Activity Newsletter SAN FRANCISCO, March 10, 2025 /PRNewswire/ -- Nirvana Insurance, the leading AI-driven commercial trucking insurer, today announced an $80 million Series C funding round, valuing the company at nearly $850 million. This round came after a momentous year for Nirvana, which exceeded $100 Million in Premiums, more than doubling year over year. The round was led by General Catalyst with continued support from existing investors Lightspeed Venture Partners and Valor Equity Partners. This investment will fuel Nirvana's rapid expansion and continued technological advancements in commercial fleet insurance. Nirvana Insurances Secures $80 Million Series C to Redefine Commercial Insurance with AI Nirvana has built the first AI-powered commercial insurance platform that has reached significant scale. Nirvana has achieved best in class loss ratios with the strong support of top tier reinsurers with trillions in assets. Nirvana fully integrates IoT data that is embedded in telematics devices across fleets, and has analyzed over 20 billion miles of real world driving. This data asset powers its proprietary AI models, delivering superior risk assessment, underwriting, pricing, claims processing, and an overall better customer experience. "Nirvana is transforming the insurance experience with AI that helps us better understand the real world risk that every individual fleet presents," said Rushil Goel, CEO of Nirvana Insurance. "This investment allows us to scale our impact, ensuring fleets have access to personalized, real-time insurance solutions that reward safety - it's a fairer approach for the fleets, and a more profitable approach for an insurance carrier." Nirvana is building AI-powered insurance for a safer, smarter industry. Nirvana's AI permeates every aspect of its operations, delivering unprecedented efficiency and accuracy: Intelligent Personalized Pricing - By analyzing real-time and historical telematics data, Nirvana tailors coverage and pricing based on actual fleet safety measures, creating fairer, more dynamic policies.Revolutionary Claims Process - AI-powered automation streamlines claims handling, reducing administrative burden and expediting resolutions so fleets can get back on the road faster.Faster, Smarter Underwriting - Nirvana's real-time risk assessment platform enables underwriters to make decisions up to 15x faster, ensuring accurate quotes in minutes, not weeks.Next-Generation Fleet Safety - Nirvana's Safety Intelligence Platform provides real-time insights, automated safety alerts, and expert-driven guidance to help fleets proactively reduce risk. Nirvana has built an AI-powered insurance platform that permeates all of its operations to provide better pricing, underwriting, claims processing, and customer service. "Our technology integrates an exceptional breadth of data from sensors and across the insurance ecosystem," said Co-Founder and CTO Abhay Mitra. "By harnessing this data with our suite of specialized AI models -- from predictive analytics to large reasoning models -- we deliver what matters most: more accurate pricing, faster claims resolution, and a dramatically simpler experience for our customers that traditional insurers simply cannot match." "Insurance is traditionally a technologically bereft market, ripe for change. Nirvana is proving a disruptive model, finding rich data at scale and building AI around the complex steps of providing commercial insurance from quote through claims," said Hemant Taneja, CEO and Managing Director of General Catalyst. "We've been excited to be a partner in their incredible results, and this investment will accelerate Nirvana even further." About Nirvana Insurance Nirvana Insurance is on a mission to harness the power of data to revolutionize the commercial insurance industry. Nirvana delivers faster, fairer, and more personalized insurance solutions that reward the right behaviors and partners with insured to reduce their risks. For more information, visit nirvanatech.com. Media Contact Press@nirvanatech.com View original content to download multimedia:https://www.prnewswire.com/news-releases/nirvana-insurance-secures-80m-series-c-to-redefine-commercial-insurance-with-ai-302396403.html SOURCE Nirvana Tech Market News and Data brought to you by Benzinga APIs

Nirvana insurance raises $80M in funding to expand AI-driven solutions

Nirvana Insurance, a company specializing in AI-powered commercial insurance, primarily for the trucking industry, has secured $80 million in Series C funding. The round, led by General Catalyst with participation from existing investors Lightspeed Venture Partners and Valor Equity Partners, values the company at nearly $850 million. This follows a year in which Nirvana surpassed $100 million in premiums, more than doubling its previous year's performance. Nirvana Insurance is focused on using artificial intelligence to modernize various aspects of commercial insurance. The company has built a platform that integrates IoT data from telematics devices across fleets, analyzing over 20 billion miles of driving data. This data fuels proprietary AI models used for risk assessment, underwriting, pricing, and claims processing. Key features of Nirvana's AI-driven approach include: Nirvana reports "best in class loss ratios" and the support of major reinsurers. CEO Rushil Goel stated that the investment will enable the company to expand its reach and further develop its technology, with a focus on providing personalized, real-time insurance solutions that reward safe driving practices. Co-Founder and CTO Abhay Mitra emphasized the platform's ability to integrate a wide range of data from sensors and the broader insurance ecosystem, using specialized AI models to improve pricing accuracy, claims resolution speed, and the overall customer experience. General Catalyst's CEO and Managing Director, Hemant Taneja, positioned Nirvana as a disruptive force in the traditionally technology-lacking insurance market, leveraging data and AI to improve all stages of the insurance process. The investment is intended to accelerate Nirvana's growth and further its development of AI-driven insurance solutions.

Nirvana raises $80M for AI-powered insurance for truck drivers and fleet operators - SiliconANGLE

Nirvana raises $80M for AI-powered insurance for truck drivers and fleet operators Nirvana Tech Inc., a startup that blends artificial intelligence with detailed vehicle tracking data to offer insurance to truckers, today announced it raised $80 million in a Series C funding round. The round was led by General Catalyst with support from existing investors Lightspeed Venture Partners and Valor Equity Partners. "Legacy insurers are entrenched in the status quo, unable or unwilling to build the underlying technology needed to fully leverage data," said Rushil Goel, chief executive and co-founder of Nirvana. "So, we built what no other insurance company was able to do: Go deep into the data to treat each fleet uniquely." To create a data-driven insurance platform, Goel explained that Nirvana invested in telematics as its foundation. Telematics uses vehicle sensors and telecommunications to gather and analyze key data points such as Global Positioning System location, speed, acceleration, braking, engine diagnostics and fuel consumption. Nirvana uses an AI system to analyze vast amounts of telematics data - from driving behavior, location and more - to create highly accurate risk assessments. The company said this allows it to move beyond traditional risk evaluations and produce personalized pricing for individuals and tailor coverage based on real-time historical records. Goel added this results in fairer policies that reflect the actual value of fleet safety practices. According to the company, the use of AI has led to underwriters making decisions up to fifteen times faster than traditional insurance systems and ensured accurate quotes in hours, rather than weeks. The company also uses its highly granular telematics platform with an active safety platform with AI-powered insights to automate safety alerts, Department of Transportation violation information, and expert-driven guidance. The objective is to help truck fleet operators proactively reduce risk. Goel explained that providing insurance in this way requires a data-centric modern approach and he considers Nirvana a "vanguard" in the industry. The company now has well over $100 million in premiums, doubling year-over-year, with what he considers best-in-class loss ratios for claims. The global commercial truck insurance market size was valued at around $142 billion in 2024 and is anticipated to reach $290 billion by 2033, according to a report from market analysis firm Business Research Insights. The report noted rising demand and sales brought on by growth throughout the transportation and logistics industry, rising cargo volumes and changing regulations requiring increased coverage. "We have no plans to rest on our laurels," Goel said, referring to the rapid pace of innovation in the field. "The status quo of insurance -- slow underwriting, inaccurate and unfair pricing, a claims process that frustrates, and an unwillingness or inability to make customers safer -- permeates the entirety of commercial insurance."

Nirvana keeps on truckin' with $80M at a $830M valuation for its AI-powered insurance | TechCrunch

As the U.S. trucking industry gears up for the negative impacts of new Trump tariffs on goods from Mexico and Canada, a startup building a new kind of trucking insurance -- a critical cost for truck drivers -- has raised some money to grow, and (it hopes) help truckers weather the changes. Nirvana, an AI-based insurance platform that uses real-time driving telematics plus 20 billion miles of truck driving data to build and manage insurance policies for truckers, has raised $80 million in new funding. The Series C will be used to build more services for fleets and individual drivers. The investment values Nirvana at $830 million post-money. This is more than double Nirvana's previous valuation of $350 million, dating from when it raised a Series B in October 2023. Rushil Goel, Nirvana's CEO and co-founder, described the round as "pre-emptive" -- raised on the back of inbound interest rather than the startup needing the cash. The investment is coming from three previous backers, with General Catalyst leading and Lightspeed Venture Partners and Valor Equity Partners participating. The investors are doubling down amidst some growth for the San Francisco-based startup. Nirvana said that its total value in premiums under management is now at over $100 million, doubling in the last year. Nirvana's growth is coming at the nexus of a few trends. The trucking industry is potentially an enormous market for Nirvana and others. Overall, U.S. trucking generated more than $900 billion in revenues in 2024, accounting for 77% of the freight market in the country, according to figures from the American Trucking Association. It employs around 8.5. million people, 3.5 million of them drivers, with some 14.3 million single-axle and combination trucks registered, accounting for some 5% of all motor vehicles in the country. The industry has been on a trend for growth, up 1.6% in 2025 and projected to growth to some $1.46 trillion in revenues by 2035. That was, however, before events of the last month -- namely, Trump's wider economic policies and specifically his push to institute import taxes on goods from Canada and Mexico in order to raise federal revenue, and to drive more domestic production. "Imposing border taxes on our two largest and most important trading partners will undo... progress and raise costs for consumers," said the American Trucking Association earlier this month. "The 100,000 full-time hardworking truckers hauling 85% of the surface trade in goods with Mexico and 67% of the goods traded with Canada will bear a direct and disproportionate impact." Not only will tariffs reduce cross-border freight, the association added, but they will also increase operational costs. The price tag of a new truck could rise by up to $35,000, it estimated, "amounting to a $2 billion annual tax and putting new equipment out of reach for small carriers." All of this boils down to trucking businesses needing to be more mindful than ever before of costs, and this is where Nirvana is hoping to play a part. Or, to put it another way, this is where Nirvana needs to play a part -- otherwise it might find itself hit by the same problems that are hitting its customers. "The tariffs and related supply chain are disruptions that are certainly coming up," Goel said in an interview. "And of course, in an industry like trucking, which drives 70% of the freight in the U.S., there's certainly some impact of that to be expected. It's our new reality." The company's platform covers insurance both for fleets (groups of more than 10 'power units') and non-fleets (1-9 units), and -- like other new players in insurance -- charging is usage-based, on a "pay as you drive" basis that also incorporates safety data using telematics from the vehicles plus data logged by the FMSCA, the trucking regulator. That safety data also forms part of the company's safety analytics product. In addition to this and the underwriting tech that Nirvana claims produces quotes 15 times faster than a traditional insurer, it also has built AI tools that it says automates and speeds up claims processing. Similar to other legacy markets like industrial technology, trucking has been a ripe area for tech startups over the last several years. Tapping into innovations in areas like cloud computing, AI, fintech, and connected vehicles, startups are spinning up new SaaS-based products to help drivers build out their businesses more efficiently and trucking companies run their fleets more seamlessly. Other companies in the same space include Lula (backed by Khosla and others), SmartHop, Fairmatic and CloudTrucks. Beyond that, startups are taking ambitious swings at the trucks themselves, working on electric and autonomous vehicles for the next generation of transportation. Similarly, insurance has been in the middle of an evolution. A wave of "insurtech" startups have rethought how to provision insurance for consumers. Playing on the concept of "neobanks" that create a more dynamic user experience on top of legacy infrastructure, much the same has played out among insurance startups. Alongside this, they are also tapping into innovations around big data and AI to rethink how services themselves are priced and provisioned. General Catalyst declined to be interviewed for this story, but it's notable that its biggest bigwig, CEO Hemant Taneja, is leading this round for the firm, a signal of its confidence on this particular bet. "Insurance is traditionally a technologically bereft market, ripe for change. Nirvana is proving a disruptive model, finding rich data at scale and building AI around the complex steps of providing commercial insurance from quote through claims," he said in a statement. "We've been excited to be a partner in their incredible results, and this investment will accelerate Nirvana even further."