Fairmatic founder Jonathan Matus (company pic)
Fairmatic, an Israeli startup specializing in Insurtech 2.0, raised $46 Million in new funding just six months after its oversubscribed Series A brought in $42 million. This raise was led by Battery Ventures and Fairmatic has now brought in $88 million to date.
The raise is hopefully a sign that things are picking up in 2023, after a disastrous 2022. It also might be a sign that the controversial judicial reforms being pushed through by the government of Prime Minister Benjamin Netanyahu. But Israeli companies like Wiz, an Israeli cloud security startup and a unicorn, said that it would not be putting any of the $300 million the company recently raised in the country. So, Fairmatic and other might not either.
Fairmatic boasts that the company is creating a new commercial auto insurance category with its AI-driven underwriting approach that unlocks continuous savings opportunities for fleets. By providing an easy way to monitor driving events and offering actionable improvement tips, Fairmatic is giving fleets more proactive control over their risk management approach.
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Founded in 2017 by Jonathan Matus, a serial technologist who helped launch Android and Facebook mobile, Fairmatic boasts that it is shaping Insurtech 2.0 by delivering the first data-driven fleet insurance that rewards safety with savings. Fairmatic’s says that its approach to fleet insurance leverages AI-powered technology in combination with troves of telematics data to create meaningful cost savings for fleets, safer roads for society and a profitable business model. Fairmatic’s underwriting model has been trained and tested with over 200 billion miles of driving data to help fleets proactively manage safety issues with actionable insights.
“New developments in AI, combined with troves of proprietary driving insights, have allowed Fairmatic to unlock a completely new approach to addressing the most critical questions in commercial auto insurance: which drivers are safe and which aren’t; how insurers can help drivers improve safety and reduce risk,” said Jonathan Matus, Fairmatic founder and CEO. “With this powerful new technology for improving driver behavior, there’s a massive opportunity to reframe the problem and solution from first principles. This new funding strengthens Fairmatic’s lead in AI innovation geared towards meaningfully improved road safety and profitability.”
