Avinew, a Westlake Village, Calif.-based insurtech company focused on autonomous and semi-autonomous auto insurance, raised $5M in seed funding.
The round was led by Crosscut, with participation from American Family Ventures, Draper Frontier, and RPM Ventures.
Led by Dan Peate, Founder and CEO, Jeremy Snyder, COO, Mike Cassanego, General Counsel and Co-founder, and Randy Adams, CTO, Avinew is developing autonomous-usage-based insurance programs that will use driving data, artificial intelligence, machine learning and telematics to detect and measure when semi-autonomous or autonomous features are responsibly engaged to determine premium discount eligibility.
Currently, select vehicles from Tesla, Mercedes, Ford, GM, Nissan, Audi, Volvo and more will be eligible. The insurance programs are expected to be available later this year in select states. Avinew has completed proof-of-concept pilots with two insurers.