Fairmatic, a New York and Bangalore, India and Tel Aviv, Israel-based commercial auto insurtech company, raised $42M in Series A funding.
The round was led by Foundation Capital, along with Aquiline Technology Growth. The company is also backed by Yahoo co-founder Jerry Yang; Israeli-American investor Oren Zeev; Hippo Insurance co-founder Assaf Wand; and entrepreneur and multiple unicorn investor Bill Tai. Foundation Capital’s Charles Moldow, also joined the Fairmatic board.
The company intends to use the funds to accelerate growth and expand operations.
Led by Jamie Trish, President of Insurance, and Jonathan Matus, CEO, Fairmatic is delivering data-driven fleet insurance that rewards safety with savings. The company’s approach leverages AI-powered technology in combination with troves of telematics data to create meaningful cost savings for fleets, safer roads for society and a profitable business model. Fairmatic’s underwriting model has been trained and tested with over 200 billion miles of driving data to help fleets proactively manage safety issues with actionable insights.
Alongside Trish and Matus, Fairmatic’s C-suite also includes Ed Ford, former Chief Actuary of Progressive Insurance, and Brian Specht who led partnership growth at cybersecurity insurtech unicorn Coalition.