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Insurtech Fairmatic, founded by Jonathan Matus, a former Android and Facebook mobile executive, announced a $42 million Series A funding round to further expand its investment in the performance-priced fleet insurance market.
Fairmatic started back in May 2018 and did a soft launch, building up its book in the large commercial fleet space. Fairmatic describes its model as behavior-based insurance (BBI) and says it is different than traditional UBI models because it doesn’t rely on dash cam systems and thus is better able to measure what causes bad driving behavior.
Fairmatic’s AI-powered risk and pricing models has been tested and trained with nearly 200 billion miles of driving data and tested over the past five years of operations, demonstrating a proven way to help fleets proactively manage and improve safety issues with actionable insights, the company said in a statement. According to Fairmatic, a simple behavioral shift can result in meaningful cost savings, leading to a more sustainable fleet business with safer drivers, more competitive insurance pricing and lower attrition rates.
Former Allstate President Jamie Trish serves as the company’s president of Insurance.