Mile Auto Secures $10.3 Million in Seed Funding to Expand Low-Cost Car Insurance Offering Across U.S.
Advanced Computer Vision Technology Frees Lower-Mileage Drivers from Financial Penalties of Today's One-Size-Fits-All Insurance Model
ATLANTA, May 24, 2021 /PRNewswire/ -- Mile Auto, a next-gen insurtech innovator utilizing computer vision and decision analytics to offer an affordable car insurance option based on mileage to low-mileage drivers, today announced that it has secured $10.3 million in seed funding. Investors include Ulu Ventures, Emergent Ventures, Thornton Capital, and Sure Ventures.
"The auto insurance industry has operated decades behind other industries that have undergone digital transformation. Today it is at a pivotal juncture where innovation is finally unlocking cost savings for consumers," said Miriam Rivera, CEO, co-founder and managing director of Ulu Ventures. "Mile Auto's data-driven approach to insuring an underserved segment, lower-mileage drivers, is exactly what the market needs right now. We place a high value on transparency, values and vision, and we believe that Mile Auto's founding team of serial entrepreneurs can have a great impact on the industry. This is demonstrated by innovative partnerships they've struck, like the one they are announcing today with Ford. This is why we invested early, and we're excited to be a part of the company's journey as they grow."
Mile Auto will use the funding to expand availability of its insurance offering to half of the U.S. auto insurance market by the end of 2021, as well as hiring, adding new distribution channels, onboarding of white-label partners, and expanding its automaker network. The company also announced today a partnership with Ford Motor Company to save Ford owners on their auto insurance rates. In 2019, Mile Auto launched a similar program with Porsche Financial Services.
Mile Auto leverages its patented computer vision and machine learning technologies to collect and validate odometer data without the need for extra hardware, mobile apps or GPS tracking. By having clear insights into actual usage, Mile Auto is changing the way car insurance is purchased by requiring drivers to pay only for what they use, resulting in savings of up to 60%. Currently Mile Auto is available in Arizona, Georgia, Illinois and Oregon, with plans to expand into additional states within the next six months.
"Mile Auto makes car insurance fair and transparent for lower mileage drivers who have been overpaying and underserved for too long," said Fred Blumer, CEO of Mile Auto. "With this funding, we will aggressively expand our footprint into new states, grow our team to best serve our customers, expand our network of automotive and enterprise partners, and accelerate the momentum we've gained so far."
About Mile Auto
Mile Auto is a next-generation insurtech company that leverages computer vision and decision analytics to support pay-per-mile auto insurance offerings. Launched in 2019 and based in Atlanta, Mile Auto's leadership team brings decades of experience in vehicle data and auto insurance ranging from building connected vehicle systems for Mercedes Benz to usage-based insurance programs for State Farm. Mile Auto has patented technologies that help low-mileage drivers save as much as 40% off their current auto insurance rates by collecting and validating odometer data without the need for extra hardware, mobile apps or GPS tracking. Mile Auto's pay-per-mile insurance programs are currently active in Arizona, Georgia, Illinois and Oregon, with several additional states expected to be added in 2021. Strategic automaker partnerships include Porsche Financial Services and Ford Smart Mobility. For more information, visit www.mileauto.com.
SOURCE Mile Auto
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