Mile Auto Secures $10.3 Million In Seed Funding To Expand Low-Cost Car Insurance Offering Across U.S.

May 24, 2021•over 4 years ago

Amount Raised

$10.3 Million

Round Type

seed

Atlanta

Description

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.

Company Information

Company

Mile Auto

Location

Atlanta, Georgia, United States

About

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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Mile Auto Secures $10.3 Million In Seed Funding To Expand Low-Cost Car Insurance Offering Across U.S.

Description

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Funding Insights

Company Information