Daimler Backs High Definition Vehicle Insurance (HDVI) Group in $32.5M
August 19, 2021
Definition Vehicle Insurance (HDVI) Group has raised $32.5 million in
Series B funding. The round was led by Weatherford Capital, with new
investors Daimler Trucks North America and McVestCo, and continued
participation from Munich Re Ventures, 8VC, Autotech Ventures and
Qualcomm Ventures LLC. The funds will be used for the continued
development of new products and to fuel the growth of the company on a
With insurance backed by the carriers that are part of Munich Re
Specialty Insurance, HDVI provides fleets with the data, tools and
coverage needed to reduce insurance costs, increase safety, mitigate
risk and improve efficiency.
HDVI is expanding its product portfolio with the addition of HDVI Shift,
the dynamically priced trucking insurance coverage that allows fleets to
save up to 12% on their monthly premium based on real-time driver
safety. HDVI Shift is compatible with a wide range of telematics devices
and is provided to fleets alongside HDVI's proprietary data, software
tools and apps. Fleet managers are now empowered with real-time safety
insights through the fleet portal, while drivers are engaged with safety
and other valuable information through the HDVI Driver+ mobile app.
"HDVI is partnering with the very top investors and strategic partners
across the insurance, mobility, and freight and logistics industries,"
said Chuck Wallace, CEO and co-founder of HDVI. "HDVI Shift and Driver+
are just the first of many coverage and product innovations HDVI will
bring to the industry. And as worldwide leaders in their respective
industries, our partners provide unmatched global financial power and
strategic product development and distribution opportunities to support
this innovation as we build HDVI."
In 2020, HDVI raised $16 million in Series A funding led by 8VC and
Munich Re Ventures with participation from Qualcomm Ventures and
Autotech Ventures. With written premium growing 30% per month, HDVI is
currently available in seven states, including Illinois, Indiana,
Minnesota, Ohio, Tennessee, Georgia, and Texas, and is entering
additional states rapidly.
we first met with HDVI, we knew they were innovators in a space that has
been stagnant for too long," said Will Weatherford, Managing Partner of
Weatherford Capital. "We believe HDVI has built a strong foundation and
are quickly moving to become the industry standard for the future of
commercial vehicle insurance. We are confident in their leadership team,
their people and their vision, and we're looking forward to supporting
their long-term growth."
"The rising cost of insurance is a significant pain point for our fleet
customers today, and providing better insurance solutions that are truly
integrated with vehicle ownership life cycles and usage is an important
initiative for Daimler Trucks North America and Daimler Truck Financial
Services," said Richard Howard, president and CEO of Daimler Truck
Financial Services North America & Asia. "HDVI's unique approach to
insurance demonstrates their commitment to bringing fleets the
technology, data and services they need to improve their business
operations and impact their bottom lines. We look forward to working
with HDVI to bring innovative connected insurance solutions and more to
Daimler Trucks customers and the broader transportation industry."