SAN FRANCISCO – Nirvana Insurance, a leading commercial trucking insurer powered by artificial intelligence, announced today that it has secured an $80 million Series C funding round, valuing the company at nearly $850 million. The announcement comes after a year of significant growth for Nirvana, with premiums exceeding $100 million, representing more than a 100% year-over-year increase. General Catalyst led the round, with continued support from existing investors Lightspeed Venture Partners and Valor Equity Partners.
This new investment will be used to accelerate Nirvana’s expansion and to further develop its technology for commercial fleet insurance.
Nirvana has developed the first AI-powered commercial insurance platform to achieve significant scale. The company has attained best-in-class loss ratios supported by top-tier reinsurers with trillions of dollars in assets. Nirvana fully integrates data from the Internet of Things (IoT) that is embedded in telematics devices across fleets, and has analyzed over 20 billion miles of real-world driving. This data is used to power its proprietary AI models, which provide superior risk assessment, underwriting, pricing, claims processing, and an overall improved customer experience.
“Nirvana is transforming the insurance experience through AI that helps us understand the real-world risks that each individual fleet faces,” stated Rushil Goel, CEO of Nirvana Insurance. “This investment allows us to broaden our impact, providing fleets with personalized, real-time insurance solutions that reward safety – it’s a fairer approach for fleets and a more profitable approach for an insurance provider.”
Nirvana is building AI-powered insurance solutions designed to create a safer and more intelligent industry. The company’s AI permeates every aspect of its operations, resulting in unparalleled efficiency and accuracy:
- Intelligent Personalized Pricing: By analyzing both real-time and historical telematics data, Nirvana tailors coverage and pricing based on the actual safety measures of the fleet, creating fairer and more dynamic policies.
- Revolutionary Claims Process: AI-powered automation streamlines claims handling, reducing administrative burdens and expediting the resolution process so fleets can quickly return to their routes.
- Faster, Smarter Underwriting: Nirvana’s real-time risk assessment platform allows its underwriters to reach decisions up to 15 times faster, providing accurate quotes in minutes, rather than weeks.
- Next-Generation Fleet Safety: Nirvana’s Safety Intelligence Platform provides real-time insights, automated safety alerts, and expert-driven guidance to support fleets in proactively minimizing risk.
“Our technology integrates a broad range of data from sensors and across the insurance ecosystem,” said Abhay Mitra, Co-Founder and CTO. “By harnessing this data with our suite of specialized AI models—ranging from predictive analytics to large reasoning models—we are able to deliver enhanced accuracy in pricing, faster claims resolution, and a significantly simplified customer experience, things that traditional insurers simply cannot match.”
“Insurance is traditionally a technologically underserved market, and it’s ripe for innovation. Nirvana is showing a disruptive model, discovering valuable data at scale and building AI around the complex process of providing commercial insurance, from quoting to claims,” said Hemant Taneja, CEO and Managing Director of General Catalyst. “We’re very enthusiastic about being a partner in their impressive achievements, and this investment will propel Nirvana even further.”
About Nirvana Insurance
Nirvana Insurance is dedicated to leveraging the power of data to revolutionize the commercial insurance sector. Nirvana provides faster, fairer, and more customized insurance solutions that reward positive safety behaviors, and it collaborates with its insureds to mitigate risks.
For more information, visit nirvanatech.com.
Image: Nirvana Insurance Logo
