Nirvana Insurance, a leading AI-based commercial trucking insurer, announced an $80 million Series C funding round, valuing the company at nearly $850 million. This funding round arrives after a momentous year for Nirvana, which exceeded $100 million in Premiums, more than doubling year over year. This funding round was led by General Catalyst with continued support from existing investors Lightspeed Venture Partners and Valor Equity Partners.
This investment will advance Nirvana’s rapid expansion and continued technological advancements in commercial fleet insurance.
Nirvana has created the first AI-based commercial insurance platform that has reached a significant scale. With the strong support of top-tier reinsurers with trillions in assets, Nirvana has achieved favorable loss ratios.
Nirvana fully integrates IoT data embedded in telematics devices across fleets and has analyzed over 20 billion miles of real-world driving. This data asset powers its proprietary AI models, delivering superior risk assessment, underwriting, pricing, claims processing, and customer experience.
Nirvana is creating AI-based insurance for a safer and smarter industry. And Nirvana’s AI permeates every aspect of its operations, delivering unprecedented efficiency and accuracy:
1.) Intelligent Personalized Pricing – By analyzing real-time and historical telematics data, Nirvana tailors coverage and pricing based on actual fleet safety measures, creating fairer, more dynamic policies.
2.) Revolutionary Claims Process – AI-based automation streamlines claims handling, reducing administrative burden and expediting resolutions so fleets can get back on the road faster.
3.) Faster and Smarter Underwriting – Nirvana’s real-time risk assessment platform enables underwriters to make decisions up to 15x faster, ensuring accurate quotes in minutes, not weeks.
4.) Next-Generation Fleet Safety—Nirvana’s Safety Intelligence Platform offers real-time insights, automated safety alerts, and expert-driven guidance to help fleets reduce risk proactively.
Nirvana has built an AI-based insurance platform that permeates its operations to provide better pricing, underwriting, claims processing, and customer service.
KEY QUOTES:
“Nirvana is transforming the insurance experience with AI that helps us better understand the real world risk that every individual fleet presents. This investment allows us to scale our impact, ensuring fleets have access to personalized, real-time insurance solutions that reward safety – it’s a fairer approach for the fleets, and a more profitable approach for an insurance carrier.”
– Rushil Goel, CEO of Nirvana Insurance
“Our technology integrates an exceptional breadth of data from sensors and across the insurance ecosystem. By harnessing this data with our suite of specialized AI models—from predictive analytics to large reasoning models—we deliver what matters most: more accurate pricing, faster claims resolution, and a dramatically simpler experience for our customers that traditional insurers simply cannot match.”
– Co-Founder and CTO Abhay Mitra
“Insurance is traditionally a technologically bereft market, ripe for change. Nirvana is proving a disruptive model, finding rich data at scale and building AI around the complex steps of providing commercial insurance from quote through claims. We’ve been excited to be a partner in their incredible results, and this investment will accelerate Nirvana even further.”
– Hemant Taneja, CEO and Managing Director of General Catalyst
