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Nirvana Insurance Secures $80M for Trucking Insurance AI

Nirvana Insurance, an AI-driven commercial trucking insurer, announced an $80 million Series C funding round, valuing the company at nearly $850 million. The round was led by General Catalyst with continued support from existing investors Lightspeed Venture Partners and Valor Equity Partners.

Nirvana fully integrates IoT data that is embedded in telematics devices across fleets, and has analyzed more than 20 billion miles of real world driving. This data asset powers its proprietary AI models that promise superior risk assessment, underwriting, pricing, claims processing, and an overall better customer experience, according to the company.

Nirvana says its AI-powered commercial insurance platform enjoys strong support from top tier reinsurers. The company maintains its investments in core data integration and modeling technologies, in concert with AI, have improved its loss ratios relative to its peers. The company claims its risk models more accurately understand a fleet’s risk, enabling an insurer to provide more accurate quotes and pay out fewer claims because it ensures safer fleets.

The company said the $80 million investment will further fuel its expansion and continued technological advancements in commercial fleet 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,” said Rushil Goel, chief executive officer of Nirvana Insurance.

Nirvana’s AI-powered insurance platform permeates all of its operations from pricing and underwriting to claims processing and customer service.

“Our technology integrates an exceptional breadth of data from sensors and across the insurance ecosystem,” said Abhay Mitra, chief technology officer and co-founder. “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.”

CoverForce Secures $13 Million to Build Connectivity

CoverForce, an infrastructure platform for commercial insurance, announced a $13 million Series A funding round led by global software investor Insight Partners with participation from Nyca Partners.

CoverForce’s platform serves as a marketplace for quote-and-bind API connections, enabling brokers, wholesalers, and agencies to access instant quotes and one-click binding functionality. The company claims to streamline underwriting and sales, cutting the time spent on a single insurance policy by 60%.

With this funding, CoverForce sad it plans to expand its platform’s capabilities, onboard additional carriers and distributors, and invest in AI-driven tools to further streamline insurance workflows. The company is also focused on building deeper relationships with carriers that prioritize digital innovation and speed as key competitive advantages.

CoverForce says it partners with more than 20 of the largest insurance agency wholesalers and networks and supports more than 9,600 producers nationwide. Its national carrier customers include AmTrust, Chubb, Liberty Mutual, and Travelers, For carriers and managing general agencies, CoverForce promises to unlock new distribution channels and cost efficiencies. For developers, the platform offers flexible APIs to embed insurance workflows into agency-facing software or direct-to-consumer applications.

Its product assists with major commercial lines of business including workers compensation, general liability, business owners and cyber.

“The insurance market is built on a legacy of paper and PDF — a huge issue in a market worth more than $960 billion,” claims Kaivan Wadia, chief technology officer and co-founder of CoverForce. “CoverForce delivers a unified API infrastructure that decreases the time to integrate from months to weeks, saving our partners millions of dollars in R&D costs.”

Founded at the University of Pennsylvania’s Innovation Labs, New York-based CoverForce is backed by investors from Insight Partners, Nyca Partners, and QED Investors, as well as advisors from Travelers and The Hartford.

Topics Carriers InsurTech Data Driven Artificial Intelligence