High Definition Vehicle Insurance (HDVI), a technology-driven commercial auto insurance provider based in Chicago, Illinois, has secured $40 million in growth capital. This round, co-led by existing investors 8VC, Autotech Ventures, Munich Re Ventures, and Weatherford Capital, brings HDVI’s total funding to over $87 million.
Following this investment, Alexei Andreev of Autotech Ventures and Jake Medwell of 8VC will join HDVI’s Board of Directors, alongside existing members Jacqueline LeSage of Munich Re Ventures, Will Weatherford, and HDVI’s Reid Spitz and Chuck Wallace.
HDVI plans to utilize the new funds to enhance its telematics-driven products, expand its coverage offerings, and improve tools for insurance agents as it scales its operations nationwide. Led by CEO Reid Spitz and Chief Underwriting Officer Adam Barnett, the company utilizes historical and real-time telematics data to assess risk, providing tools and services designed to enhance fleet safety, reward safe driving behavior, and streamline the claims process.
HDVI’s flagship product, HDVI Shift™, uses telematics to help customers reduce risk and potentially save up to 20% upfront, and on monthly premiums based on safety performance. The company operates as a licensed property casualty insurance agent, with products underwritten by various insurance companies. HDVI also maintains offices in Greenville, South Carolina, and Columbus.
