Munich Re Ventures co-leads investment in commercial auto insurtech HDVI

Munich Re Ventures, the corporate venture capital arm of German reinsurer Munich Re, and 8VC have co-led a $16 million Series A funding in US-based insurtech High Definition Vehicle Insurance (HDVI), which describes itself as the "next-generation commercial auto insurance business".

HDVI will use the funding to scale company growth and expand its product offering. Qualcomm Ventures and Autotech Ventures also participated in the Series A round.

Founded in 2018, HDVI is wholly focused on delivering new commercial insurance solutions that help small and mid-size trucking fleets improve their safety, compliance, and operations, by using telematics and an integrated suite of software and services.

HDVI believes that commercial trucking insurance has been largely untouched by insurtechs and a "lack of integrated telematics data within insurance products has led to skyrocketing prices for fleet operators and unprofitability for carriers".

Chuck Wallace, CEO and co-founder, HDVI, explained: “Double-digit increases in insurance costs are now common in commercial trucking, making it tough for many fleets to operate profitably. There is a lot of technology and data available that is not being taken advantage of that can help address new risks and changing demands. Demand for our product shows there’s a clear industry need for HDVI’s much better approach, and with our investors’ proven innovation and leadership across the logistics, insurance, and mobility industries, they are the perfect partners to continue to build our company with.”

Amir Kabir, principal, Munich Re Ventures, said: “The powerful combination of the HDVI team, investors, and partners helps position HDVI to become a leading provider of commercial trucking services and insurance by transforming the traditional offering and creating unique value and opportunities. We’re excited to join HDVI on their journey and to help them build on their impressive accomplishments over the past two and a half years.”

Jake Medwell, founding partner of 8VC, added: “Trucking fleets need better insurance coverage and tools that can help prevent incidents from happening in the first place. Taking a technology-driven approach to protection, HDVI empowers fleet owners to gain control over their operations and regain confidence that their business and their employees will remain safe. We have great confidence in this market and that HDVI’s team are the lead innovators.”