Chicago, IL-based High Definition Vehicle Insurance (HDVI), a commercial auto insurance provider leveraging technology, has secured $40 million in growth capital. The investment round, which brings the company’s total funding to over $87 million, saw co-lead investments from existing backers 8VC, Autotech Ventures, Munich Re Ventures, and Weatherford Capital.
Following this funding round, Alexei Andreev from Autotech Ventures and Jake Medwell of 8VC will join HDVI’s Board of Directors. They will work alongside current board members Jacqueline LeSage of Munich Re Ventures, Will Weatherford, and HDVI executives Reid Spitz and Chuck Wallace.
HDVI plans to allocate the new funds toward further development of its telematics-driven products, broaden its coverage offerings, and refine the tools available to its insurance agents as it expands its operations nationwide.
Under the leadership of CEO Reid Spitz and Chief Underwriting Officer Adam Barnett, HDVI distinguishes itself as a technology-first commercial auto insurance provider. The company uses historical and real-time telematics data to evaluate risk. Subsequently, it provides tools and services designed to assist fleets in enhancing safety, acknowledge careful driving habits, and facilitate efficient and equitable claims processing. HDVI’s flagship product, HDVI Shift™, utilizes telematics to aid customers in reducing risk and potentially save up to 20% upfront and on monthly premiums, contingent upon their safety performance. HDVI operates as a licensed property casualty insurance agent, with its products underwritten by various insurance companies. In addition to its Chicago headquarters, HDVI has regional offices in Greenville, South Carolina, and Columbus. ! HDVI Logo
