AI Nirvana Secures $80M to Revolutionize Commercial Truck Insurance
Nirvana Tech Inc., a company leveraging artificial intelligence and vehicle data to provide insurance solutions for truckers and fleet operators, has announced an $80 million Series C funding round.
This investment, which closed on March 10, 2025, was led by General Catalyst, with continued 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, co-founder and Chief Executive 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 its data-driven insurance platform, Nirvana uses telematics, which employs vehicle sensors and telecommunications to gather and analyze a range of key data, including GPS location, speed, acceleration, braking, engine diagnostics, and fuel consumption. Their AI system analyzes this data to create accurate risk assessments, going beyond traditional methods to provide personalized pricing and tailor coverage based on historical driving records.
According to Goel, this approach results in fairer policies that reflect the true value of fleet safety practices. The company claims that its AI-driven system allows underwriters to make decisions up to 15 times faster than traditional methods. This results in quotes available within hours instead of weeks. Nirvana also utilizes its telematics platform with an active safety platform and AI-powered insights to automate safety alerts and provide guidance to prevent violations. The company aims to help truck fleet operators proactively manage and reduce risk.
Goel considers Nirvana a “vanguard” in the insurance sector, and notes the necessity for a modern data-centric approach to providing insurance such as this.
The company currently manages over $100 million in premiums, doubling year-over-year, with loss ratios that Goel considers best-in-class. The global commercial truck insurance market, valued at approximately $142 billion in 2024, is projected to reach $290 billion by 2033, according to Business Research Insights. This growth is fueled by rising demand within the transportation and logistics industry as well as evolving regulations, factors which require increased coverage.
“We have no plans to rest on our laurels,” Goel noted, pointing to the rapid innovation within 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.”
