OpenEyes, the Israeli insurtech startup catering to commercial, automotive fleets, has announced a successful Series A funding round led by global software investor Insight Partners and Pitango First, with participation from MoreVC, which also led the initial Seed round with Pitango First. OpenEyes has raised a total of $23 million to date.
The company aims to provide commercial automotive insurance to all fleets at reduced rates by minimising the frequency and severity of traffic accidents. Using OpenEyes technology, fleet managers and safety officers can identify sources of risk in their fleet, enabling them to introduce practices that lower the frequency of accidents. Furthermore, OpenEyes enables precise underwriting and simplifies claims handling and prevention.
OpenEyes' technology is already used by fleets driving millions of kilometres in the United States. The company has independently verified that its technology has helped reduce the frequency of accidents by more than 25.5% and the severity of claims by over 30%.
"We have observed a decrease in the frequency and severity of road accidents with our clients due to the use of our technology," said Oron. "We are essentially a technology company that provides insurance."
Insight Partners' Principal Daniel Aronovitz said: "OpenEyes provides a unique one-stop-shop solution that empowers fleets to truly comprehend the source of their risk from both the fleets' and the insurers' perspective. This precise understanding allows OpenEyes to drive their underwriting, driver coaching and prevention, and claims handling."
Eyal Niv, Managing Partner at Pitango First, who co-led OpenEyes' Seed round, said: "OpenEyes utilises a cutting-edge full-stack technological solution to transform the risk model of commercial fleets' insurance fundamentally. Integrating in-vehicle technology and insurance creates a new experience for fleet owners."