Nirvana Insurance, a California-based AI-driven commercial trucking insurer, has raised US$80 million in a Series C funding round, valuing the company at nearly US$850 million.

The round was led by General Catalyst, with continued backing from Lightspeed Venture Partners and Valor Equity Partners.

The funding follows a year in which Nirvana exceeded US$100 million in premiums, more than doubling its revenue.

The company plans to use the investment to expand and further develop its AI-driven commercial fleet insurance technology.

Nirvana integrates IoT data from telematics devices in commercial fleets, having analysed over 20 billion miles of real-world driving.

Its AI models assess risk, price policies, process claims, and improve customer service.

CEO Rushil Goel stated:

“Nirvana is redefining the insurance experience with AI that allows us to better understand the real-world risk each fleet presents. This investment enables us to scale our impact, ensuring fleets have access to personalised, real-time insurance solutions that reward safety. It’s a fairer approach for fleets and a more profitable model for an insurance carrier.”

The company claims its AI-powered automation streamlines claims handling, reduces administrative burden, and speeds up resolutions.

General Catalyst CEO and Managing Director, Hemant Tanej, described the insurance industry as outdated and in need of technological change.

“Nirvana is demonstrating a groundbreaking model, harnessing data at scale and building AI around the complex steps of providing commercial insurance from quotation through to claims.”

Featured image credit: edited from freepik