InsureVision, the pioneer in AI-powered contextual driving risk assessment, today announced it has raised £2m in a seed funding round led by Rethink Ventures, Twin Path Ventures, and State Farm Ventures, the tech investment arm of the world's largest vehicle insurer. The investment will accelerate the company's mission to transform road safety and insurance risk assessment through its proprietary "enviromatics" technology.
With automotive manufacturers and insurers looking to more sophisticated solutions for driver safety and risk pricing, Automotive Risk Understanding and ADAS software markets, together valued at £16bn, are due to grow to over £31bn by 2030.
Currently, traditional telematics and first-generation AI dashcams fail to capture the full context of driving situations, leading to inaccurate risk assessments and suboptimal insurance pricing. InsureVision’s breakthrough vision transformer technology analyses footage from standard forward-facing cameras to deliver comprehensive contextual risk assessment. Unlike conventional solutions that rely solely on mechanical data or basic object recognition, InsureVision's platform understands the complete driving environment and intention of other road users – a capability the company terms "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:
