Nirvana Tech Inc., a startup that blends artificial intelligence with detailed vehicle tracking data to offer insurance to truckers, today announced it has raised $80 million in a Series C funding round.

The round was led by General Catalyst with support from existing investors Lightspeed Venture Partners and Valor Equity Partners.

“Legacy insurers are entrenched in the status quo, unable or unwilling to build the underlying technology needed to fully leverage data,” said co-founder and Chief Executive Rushil Goel. “So, we built what no other insurance company was able to do: Go deep into the data to treat each fleet uniquely.”

To create a data-driven insurance platform, Goel explained, Nirvana invested in telematics as its foundation. Telematics uses vehicle sensors and telecommunications to gather and analyze key data points such as Global Positioning System location, speed, acceleration, braking, engine diagnostics and fuel consumption.

Nirvana uses an AI system to analyze vast amounts of telematics data – driving behavior, location and more – to create highly accurate risk assessments. The company said this allows it to move beyond traditional risk evaluations and produce personalized pricing for individuals and tailor coverage based on real-time historical records. Goel added that this results in fairer policies reflecting the actual value of fleet safety practices.

According to the company, the use of AI has led to underwriters making decisions up to 15 times faster than traditional insurance systems and ensured accurate quotes in hours, rather than weeks.

The company also uses its highly granular telematics platform with an active safety platform with AI-powered insights to automate safety alerts, Department of Transportation violation information and expert-driven guidance. The objective is to help truck fleet operators proactively reduce risk.

Goel explained that providing insurance in this way requires a data-centric modern approach and he considers Nirvana a “vanguard” in the industry. The company now has well over $100 million in premiums, doubling year-over-year, with what he considers best-in-class loss ratios for claims.

The global commercial truck insurance market size was valued at around $142 billion in 2024 and is anticipated to reach $290 billion by 2033, according to a report from market analysis firm Business Research Insights. The report noted rising demand and sales brought on by growth throughout the transportation and logistics industry, rising cargo volumes and changing regulations requiring increased coverage.

“We have no plans to rest on our laurels,” Goel said, referring to the rapid pace of innovation in the field. “The status quo of insurance — slow underwriting, inaccurate and unfair pricing, a claims process that frustrates, and an unwillingness or inability to make customers safer — permeates the entirety of commercial insurance.”

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