The investment was led by Rethink Ventures, Twin Path Ventures, and State Farm Ventures, the technology investment arm of State Farm, the world’s largest vehicle insurer.
InsureVision will use the funding to accelerate the development and deployment of its “enviromatics” technology, aimed at transforming road safety and insurance risk assessment.
The company’s technology analyses footage from standard forward-facing cameras to provide comprehensive contextual risk assessment, addressing the limitations of traditional telematics and first-generation AI dashcams. InsureVision‘s platform understands the complete driving environment and the intentions of other road users, offering a more accurate and nuanced risk assessment.
“We’ve created a unique vision transformer” said InsureVision’s CEO, Mark Miller. “A generative AI technology that, quite literally, learns from what it sees in front of it. This is a more human approach to risk-assessment, it brings the context of the driving situation into the equation, not just the mechanical data on things like speed, braking and acceleration. Why is this important? Imagine a pile up on a highway and a driver hitting the brakes to avoid it. Existing technologies such as telematics would not recognise the risk and possibly even deem your actions bad driving. While first generation AI Dashcams may classify the objects but not understand their intention. Our solution sees and understands the whole environment. We call this contextual understanding “enviromatics”.
InsureVision is serial entrepreneur Mark Miller’s second venture, having previously sold his first company, Dictate IT – the largest provider of medical speech recognition solutions to the NHS – to Clanwilliam Group in an undisclosed multi-million pound deal in 2018.
Focused now on contextual driving risk assessment, InsureVision’s platform applications span multiple industries:
- Insurance: Enables more accurate underwriting, reduced claims, and competitive customer pricing through comprehensive risk assessment
- Fleet Operators: Provides real-time risk monitoring and driver safety insights for vehicle leasing companies
- Automotive: Offers a software-based solution for upcoming Automatic Emergency Braking legislation, particularly relevant for software-defined vehicles (SDVs)
“InsureVision’s solution is a no-brainer. By leveraging our existing camera infrastructure with their software layer, we can significantly reduce insurance costs while promoting safer driving behaviors,” said Gurinder Dhillon, CEO of Otto Cars, Europe’s largest leased EV fleet operator and an early enterprise adopter. “This technology directly supports our mission of bringing loved ones home safely while making vehicle leasing more affordable for gig economy drivers.”
The investment will accelerate InsureVision’s technology development and market expansion, with trials currently underway with major insurance companies across the US and scheduled for Japan. Results demonstrating proof of value are expected mid-2025.
“We have followed Mark and his team for some time, and they have continuously shown exceptional entrepreneurial vigour and deep tech expertise paired with an unconventional approach,” added Matthias Schanze, General Partner at Rethink Ventures. “Their vision for transforming road safety through AI-powered contextual understanding sets a new standard for the industry.”
“Insurtech is an exciting space because the numbers are huge and even a micro improvement can make a macro impact”, adds Nick Slater from Twin Path Ventures. “InsureVision has one of the most unconventional but potentially groundbreaking ways of disrupting the sector for the better of insurance companies, fleet operators and drivers alike”.
