OpenEyes emerges from stealth with $23 million in funding

OpenEyes, an Israeli insurance startup targeting commercial automotive fleets, has emerged from stealth with $18 million in Series A funding led by Insight Partners and Pitango First, with participation from MoreVC. To date, OpenEyes has raised a total of $23 million.

Founded in 2020, OpenEyes offers commercial auto insurance combined with “cutting-edge technology,” which appears to be some form of computer vision. The startup operates an insurance agency, OpenEyes Insurance Agency Inc., which offers “competitive rates.”

OpenEyes is already being used by fleets driving millions of miles nationwide and the “independently validated results” demonstrate that OpenEyes has helped reduce the frequency of accidents by over 25.5%, and the severity of claims by over 30%.

“Large numbers of accidents and high costs of claims in commercial fleets are leading to ever-increasing premiums on commercial auto insurance, making it difficult for fleet to afford coverage and maintain operational efficiency. In addition, insurance companies have been losing money for years paying out accident claims, and little or nothing is being done to address and reduce the core risks. Instead, carriers raise premiums each year to cover the ever-increasing costs of accidents. This broken market dynamic is particularly difficult in a recessionary environment and, moreover, it disregards the human cost and impact of these accidents. Truckers and bus drivers are the essential workers that power the American economy, and without proper insurance that leverages technology to reduce accident frequency and severity, their families can suffer dearly after an accident. Since our launch two years ago, we have witnessed first-hand how OpenEyes’ solution lowers the insurable risk and the cost of claims, but more importantly, we have seen accidents reduced and lives saved. We look forward to using the proceeds of our recent round to bring this to more customers in the North American market.” – Yoav Oron, co-founder and CEO of OpenEyes.

“OpenEyes provides a novel one-stop-shop solution that enables fleets to truly understand their source of risk, from both the fleets’ as well as the insurers’ perspective. This precise understanding allows OpenEyes to power their underwriting, driver coaching and prevention, and claims handling. We look forward to partnering with OpenEyes as the company continues to grow.” – Daniel Aronovitz, principal at Insight Partners.

“OpenEyes leverages cutting edge full stack technological solution to fundamentally alter the risk model of commercial fleets insurance. The integration between In-vehicle technology and insurance creates a new experience for fleet owners. In the intersection between technology and InsureTech-play, the company’s proprietary solution increases driver safety and collision avoidance while providing a faster and more accurate claim management process.” – Eyal Niv, managing partner at Pitango First.