What if your car could predict an accident before it even happens? That’s exactly what London-based AI tech startup InsureVision is working on – and they just raised $2.7 million in a seed funding round to make it a reality.
Who’s backing this?
Big names in insurance are taking notice. State Farm Ventures (yes, the same State Farm that insures millions of drivers) joined Rethink Ventures and Twin Path Ventures to fund this round. State Farm rarely invests in early-stage startups, so this is a major validation of the tech.
What’s the tech?
Founded in 2023 by Mark Miller, a serial entrepreneur with experience in AI and speech recognition, InsureVision has built an AI system that “sees” like a human driver, understanding road conditions, traffic flow, and even the intentions of other cars. Unlike regular dashcams or GPS-based insurance trackers, this AI can analyse real-time video from standard car cameras and assess risk based on the full driving situation. They call it “enviromatics.”
For instance, imagine you’re driving on a highway, and suddenly, cars ahead start braking. Old tech might only see your speed drop and penalise you. InsureVision’s AI? It understands there’s a pile-up ahead and recognises your reaction as safe driving, not reckless braking.
Who’s using it?
- Insurance companies could use this AI to offer better pricing for safe drivers.
- Fleet operators (think Uber drivers, delivery vans) could get real-time risk monitoring to avoid accidents.
- Carmakers: might integrate this software to help meet new safety laws.
The market for car safety tech is set to double from $21 billion today to $40 billion by 2030, and InsureVision aims to bag a big slice of it.
Next steps?
InsureVision has already begun trials with major U.S. insurance companies and plans to expand testing to Japan, with results expected by mid-2025.
“We’ve created a unique vision transformer,” explains 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.”
“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.
“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.”
“Insuretech 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”.
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