Insurtech Geared to Autonomous Vehicle Coverage Grabs $5 Million in Funding

A startup focused on rewarding drivers and fleet owners that use autonomous vehicles and semi-autonomous car safety features has raised $5 million in seed funding.

California-based Avinew’s technology uses artificial intelligence and telematics to gather driving data that can tell when a vehicle is in autopilot mode or is using advanced safety features. That data can then be used by insurers to offer coverage that rewards drivers and fleets using these vehicles and features.

Avinew is a technology company that is now working with insurers but someday hopes to be an insurer itself, a spokesperson said.

To date, Tesla, Mercedes, Ford, GM, Nissan, Audi and Volvo vehicles will be eligible, the California startup said.

Crosscut led the financing round. American Family’s venture arm, American Family Ventures, also participated, along with Draper Frontier and RPM Ventures.

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