High Definition Vehicle Insurance (HDVI), a commercial auto insurer focused on technology, has raised $40mn in growth capital, bringing total funding to over $87mn. Existing investors 8VC, Autotech Ventures, Munich Re Ventures, and Weatherford Capital co-led the round.
The funding will help HDVI expand its telematics-driven insurance products, extend coverage, and improve tools for insurance agents as it scales operations across the US.
HDVI uses real-time telematics data to offer dynamic insurance solutions for trucking companies. By applying data analytics and artificial intelligence, it helps fleet operators reduce risk, lower costs, and improve road safety.
The capital will allow HDVI to refine its telematics and AI-based solutions while expanding its product lineup. The company also plans to introduce new tools for insurance agents to improve efficiency and customer service.
As part of the announcement, HDVI confirmed leadership changes. Co-founder Chuck Wallace, CEO for seven years, will transition to a strategic advisory role. Reid Spitz, appointed president in January 2024, will take over as CEO to lead the next stage of growth.
Weatherford Capital managing partner Will Weatherford stated that HDVI’s approach to real-time telematics is reshaping commercial trucking insurance. He added that the fundraise reflects strong confidence in the company’s leadership and growth potential.
HDVI’s innovative use of real-time telematics is reshaping commercial trucking insurance. This latest fundraise underscores the confidence we have in HDVI’s leadership and ability to deliver profitable growth.
Weatherford Capital managing partner Will Weatherford
Reid Spitz, HDVI’s new CEO, said the company is positioned to remain a leader in applying technology to commercial auto insurance. He emphasized the team’s commitment to innovation using telematics, AI, and other data sources to improve risk management and efficiency.
Wallace expressed support for Spitz in his new role, stating that he is the right person to drive HDVI’s continued growth and innovation.
Following the investment, Alexei Andreev of Autotech Ventures and Jake Medwell of 8VC will join HDVI’s board of directors. They will work alongside Jacqueline LeSage of Munich Re Ventures, Will Weatherford, and HDVI’s Reid Spitz and Chuck Wallace.
High Definition Vehicle Insurance (HDVI) is a commercial auto insurer that applies technology to optimize risk management and pricing. The company focuses on serving the trucking industry by using real-time telematics data, artificial intelligence, and data analytics to help fleet operators lower costs, reduce risk, and improve safety.
